NCLT approves Geetanjali Sugar consortium's IBC plan for Lokshakti Sugar
This story was originally published at 20:18 IST on 30 July 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Wednesday approved an INR 1.85 billion resolution plan presented by a consortium of Geetanjali Sugar Pvt. Ltd. and G.V. Alurkar for the debt-ridden Lokshakti Sugar & Allied Industries Ltd. The tribunal noted that the plan does not violate any provisions of the Insolvency and Bankruptcy Code, 2016.
In 2023, the tribunal had admitted Indian Renewable Energy Development Agency Ltd.'s plea to start insolvency proceedings against Lokshakti Sugar. The debt-ridden company had admitted dues of INR 2.09 billion. Thereafter, in 2024, a committee of creditors approved by consensus the consortium's resolution plan.
Lokshakti Sugar was incorporated in 2008. The company was engaged in the manufacture of sugar. Geetanjali Sugar trades in sugar, jaggery, and allied products. G.V. Alurkar is a firm registered under the Indian Partnership Act, 1932. Its major business is the transportation of sugar and allied products.
The consortium proposes to incorporate one or more special purpose vehicles, compliant with Section 29A of the Insolvency and Bankruptcy Code, to implement its resolution plan.
Wednesday, shares of Indian Renewable Energy Development Agency ended slightly lower at INR 150.22 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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