Puducherry

Sugarcane growers demand amendment to bankruptcy law

Farmers seek change with retrospective effect

Cane farmers belonging to three organisations have demanded that an amendment be made in the Insolvency and Bankruptcy Code (IBC) to change the status of cane growers from operational creditors to priority creditors.

They wanted the proposed change to be made with retrospective effect — from 2016 when the IBC came into force.

Demonstration held

The farmers belonged to the Federation of Tamil Nadu and Pondi State Private Sugarmill Cane Growers’ Associations, Consortium of Indian farmers’ Associations and the South India Sugar Mill Cane Growers Association staged a demonstration at Vriddhachalam in Cuddalore district on Wednesday.

S. Venkatesan, general secretary of the federation, said that four private mills — two in Cuddalore district and one each in Thanjavur and Nagapattinam — owed at least ₹100 crore to the farmers.

The dues dated to 2016, the general secretary added.

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Printable version | Jun 2, 2020 1:13:25 AM | https://www.thehindu.com/news/cities/puducherry/sugarcane-growers-demand-amendment-to-bankruptcy-law/article29630662.ece

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