The case involves a writ petition filed by M/S Simbhaoli Sugars Limited seeking the quashing of a communication from the State Bank of India rejecting their settlement offer and indicating legal action. The petitioner-company is accused of defrauding multiple banks by taking loans without adequate security or due diligence, and then failing to repay them. The banks, including State Bank of India, UCO Bank, ICICI Bank, Oriental Bank of Commerce, Punjab National Bank, and Bank of India, are alleged to have acted with clear connivance and without following RBI guidelines, disbursing loans despite the petitioner's existing defaults and NPA status. The petitioner also failed to pay cane dues to farmers.
M/S Simbhaoli Sugars Limited, the petitioner, is a company with a Sugar Mill in Simbhaoli, District Ghaziabad, and two other units. The company has been taking loans from various banks since 2003 and started defaulting on payments. The company entered into a debt restructuring agreement with State Bank of India in 2007, which was not honored, leading to another restructuring in 2012. The company was declared NPA on 31.03.2013. Despite being declared NPA, the company continued to receive loans from multiple banks, including State Bank of India, UCO Bank, ICICI Bank, Oriental Bank of Commerce, Punjab National Bank, and Bank of India. The total outstanding amount against the company is around Rs.1300 crores. The banks are alleged to have disbursed loans without proper due
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Simbhaoli Sugars…
Simbhaoli Sugars Limited enters into a debt…
The case involves a writ petition filed by M/S Simbhaoli Sugars Limited seeking the quashing of a communication from the State Bank of India rejecting their settlement offer and indicating legal action. The petitioner-company is accused of defrauding multiple banks by taking loans without adequate security or due diligence, and then failing to repay them. The banks, including State Bank of India, UCO Bank, ICICI Bank, Oriental Bank of Commerce, Punjab National Bank, and Bank of India, are alleged to have acted with clear connivance and without following RBI guidelines, disbursing loans despite the petitioner's existing defaults and NPA status. The petitioner also failed to pay cane dues to farmers.
M/S Simbhaoli Sugars Limited, the petitioner, is a company with a Sugar Mill in Simbhaoli, District Ghaziabad, and two other units. The company has been taking loans from various banks since 2003 and started defaulting on payments. The company entered into a debt restructuring agreement with State Bank of India in 2007, which was not honored, leading to another restructuring in 2012. The company was declared NPA on 31.03.2013. Despite being declared NPA, the company continued to receive loans from multiple banks, including State Bank of India, UCO Bank, ICICI Bank, Oriental Bank of Commerce, Punjab National Bank, and Bank of India. The total outstanding amount against the company is around Rs.1300 crores. The banks are alleged to have disbursed loans without proper due
…Simbhaoli Sugars…
Simbhaoli Sugars Limited enters into a debt…