This move will benefit more than 30,000 sugarcane growers in Vasudevanallur in Tirunelveli district, Polur in Tiruvanamalai district and Sankarapuram in Kallakurichi district.
The proposal under 12A was approved by NCLT resulting in restoration of power to the board of directors, a release stated. The company suffered losses during 2016-19 as a result of consecutive failures of rainfall and other reasons. As a result, the loans of the consortium of lenders could not be repaid and the company was admitted into the Corporate Insolvency Resolution Process by the NCLT's Chennai Bench in July 2021.
The promoters, however, have been taking continuous efforts to revive the company by making payments to the banks, the release said. They had paid 35% of the agreed amount to the consortium lenders as part of payment and submitted a proposal under section 12A of the Insolvency and Bankruptcy Code (IBC) Rules, to the committee of creditors. Since the promoters couldn't arrange the balance funds on time, the NCLT Chennai Bench issued orders for liquidation of the company on March 18, 2023.
The liquidation orders were challenged in the Supreme Court which granted a stay of the above orders on August 7, 2023.

Revival of 3 sugar plants a boost for 30k farmers

612.67,260.23,1112.56,77.61,2067.00,3130.00

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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which gives digital readers unlimited access to 8,500+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.