SBEC Sugar has informed that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mosco International Commodities before the National Company Law Tribunal-Allahabad Bench (‘NCLT, Allahabad’) alleging the default of an amount of Rs 1,08,02,731 and seeking initiation of Corporate Insolvency Resolution process against the Company. However as per its Company’s records, nothing is payable to the said party as the party did not lift the contracted material within stipulated time limit, subsequent whereof there was loss of entire material on account of spontaneous combustion at the storage tank.
The above information is a part of company’s filings submitted to BSE.
