Letter Attached
Awaiting price reaction for this filing.
L H Sugar Factories Limited has filed an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Oswal Overseas Limited before the NCLT, New Delhi Bench. The petition relates to a default amount of Rs. 2.25 crore under an Inter-Corporate Deposit (ICD). A demand notice was previously sent to the company on 25 May 2025. The matter is currently at an initial stage and the company is seeking legal assistance to protect its interests. Financial implications cannot be determined at this point as proceedings have just commenced.
This is a negative development for shareholders — the initiation of insolvency proceedings could affect the company's financial standing and credibility. The stock may see downward pressure as the Rs. 2.25 crore default and potential CIRP proceedings raise solvency concerns.