NCLT orders insolvency proceedings against Simbhaoli Sugars

NCLT initiated insolvency proceedings against Simbhaoli Sugars Ltd after a 2018 petition by Oriental Bank of Commerce, now part of PNB. Anurag Goel is interim resolution professional. Default: Rs 130 crore (November 22, 2017). Simbhaoli operates in Uttar Pradesh, sells Trust brand sugar, and its shares fell on BSE. CIRP initiated by Allahabad Bench. Filing occurred on Friday.