Chennai: In a major relief for Dharani Sugars & Chemicals, the National Company Law Tribunal (NCLT) bench in Chennai has approved the withdrawal of Corporate Insolvency Resolution Process (CIRP) against the company. This paves the way for PGP group the original promoters to regain control of Dharani Sugars & Chemicals.
An order passed by NCLT, division bench – I, Chennai on Thursday said, the CIRP initiated against the corporate debtor (Dharani Sugars and Chemicals) stands withdrawn.
The Interim Resolution Professional (IRP) is directed to hand over the management to the board of directors whose powers stood suspended by virtue of the initiation of the CIRP by this tribunal, it said.
Noting that the corporate debtor is released from all…
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