In a notable development, Dalmia Bharat Sugar (DBSIL) experienced a 2.3 percent intraday gain on November 30, propelled by the National Company Law Tribunal’s (NCLT) approval of the company’s resolution plan for Baghauli Sugar and Distillery.
Under the Corporate Insolvency Resolution Process (CIRP) within the framework of the Insolvency and Bankruptcy Code (IBC), Dalmia Bharat Sugar diligently presented a resolution plan for the rejuvenation of Baghauli Sugar and Distillery. The nod from the Allahabad Bench of the NCLT now positions the plan for implementation, pending clarification from the Supreme Court based on precedential orders.
Baghauli Sugar, situated in Uttar Pradesh, boasts an integrated sugar complex for the production of crystal sugar, cogeneration of power, and rectified spirit/portable liquor. Historically a Sahara Group company and a wholly owned subsidiary of Sahara Prime City, Baghauli Sugar’s business operations have remained dormant since 2016.
As of 1:24 pm on the same day, Dalmia Bharat Sugar shares were observed to be trading 0.57% higher at ₹461.35 on the NSE.
