Company Overview
Simbhaoli Sugars Limited (BSE Scrip Code: 539742, NSE Symbol: SIMBHALS) is a sugar manufacturing company with registered office in Simbhaoli, Distt. Hapur, Uttar Pradesh. The company holds FSSC 22000: version 6.1, ISO 9001:2015 & 14001:2015 certifications and operates in specialty sugars, potable alcohol, ethanol, and power sectors.
Event Description
Simbhaoli Sugars Limited has received approval from the Registrar of Companies, Noida for extension of the Annual General Meeting (AGM) for financial year 2025-2026. The company filed an application through e-Form GNL-2 with SRN AC5803702 seeking a 3-month extension for holding the AGM, which has been approved and taken on record. The new deadline for holding the AGM is December 31, 2026.
Insolvency Context
The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016 effective from July 11, 2024. The Adjudicating Authority appointed Mr. Anurag Goel (IBBI/IPA-001/IP-P-00876/2017-18/11460) as Interim Resolution Professional (IRP) who is managing assets and carrying out functions under the Insolvency Bankruptcy Code.
Legal Framework
The extension application was filed pursuant to Ministry of Corporate Affairs General Circular No. 8/2020 dated March 6, 2020. Since initiation of CIRP, the powers of the board of directors are suspended and vest with the IRP/RP as per provisions of sections 17 and 23 of the Insolvency and Bankruptcy Code, 2016.
Company's Action and Compliance
The Company Secretary, Jagriti Sharma (M. No.: F11456), filed the application with due approval from IRP/RP and Senior Management. The company will convene the AGM by the extended deadline of December 31, 2026. The order dated July 11, 2024, appointing the IRP is available at www.simbhaolisugars.com.