SBI withdraws insolvency petition against Hindustan Sugar

Stata Bank of India has withdrawn an insolvency petition against Hindustan Sugar Ltd after the company paid up its dues.

“Ld Counsel representing the Financial Creditor made statement that as per his instructions the outstanding amount as fallen due has been paid by the Corporate Debtor, and therefore, he further stated that he would be moving an appropriate application for withdrawal of the present petition,” stated the order by the National Company Law Tribunal (NCLT).

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The company also assured it would pay future overdues or instalments with interest.

“In view of the averments made in the application and the statement made by the Ld Counsel representing the Financial Creditor and there being no objection of the Ld Sr Counsel for the Corporate Debtor to the said withdrawal of the main petition, the present application is allowed and the main petition is dismissed as withdrawn,” NCLT said.

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