HYDERABAD: Empee Sugars and Chemicals has withdrawn the insolvency petition it filed before the National Company Law Tribunal’s (NCLT) Hyderabad bench after its main lenders agreed to assign their outstanding loans to leading stressed loans buyer Edelweiss Assets Reconstruction Company.
Empee Sugars and Chemicals earlier this month submitted before the NCLT that its secured lenders, including Bank of India and Indian Overseas Bank, have assigned all their outstanding loans in favour of Edelweiss ARC, making the latter the lone secured financial creditor.
ET reviewed a copy of the submission made on October 12. Outstanding debt that Empee Sugars and Chemicals defaulted as of July end amount Rs 762.94 crore. Its other lenders and oper…
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