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Simbhaoli Sugars receives Rs 55.15 crore as compensation from P&I club

07 Jul 2012 Evaluate

Simbhaoli Sugars has received the compensation amount of Rs 55.15 crore with respect to the arbitration proceedings against P&I club. The company has negotiated the final settlement with the P&I club of vessel owner at $9.8 million amounting to Rs 55.15 crore inclusive of interest and costs and received the said amount. The compensation is with respect to the loss of 22,500 MT of raw sugar due to sank vessel MV loannis in July 2009 near to South Africa.

Further, the company will however, pursue the legal proceedings for the balance amount of claim filed with National Consumer Disputes Redressal Commission, New Delhi on the repudiation of insurance claim by Cargo insurers, in an arbitrary manner.

Simbhaoli Sugars has three sugar plants (Simbhaoli and Brijnathpur, Western UP and Chilwaria, Eastern UP) with a combined, crushing capacity of 20,100 TCD. It is capable of producing a wide range of world-class sugars i.e. white crystal refined sugar, pharmaceutical grade sugar, EU grade sugar (foe exports), superfine sugars, sugar cubes and candy sugar.

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