The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Indian Renewable Energy Development Agency Limited (the Financial Creditor) against J H V Sugar Limited (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a loan amounting to Rs. 24,95,05,121 as of March 31, 2023. The Corporate Debtor had approached the Financial Creditor in 2011 for a loan of Rs. 5710.50 lakh, which was sanctioned. A loan agreement and Deed of Hypothecation were executed. The Corporate Debtor failed to repay the loan, leading to the account being classified as a Non-Performing Asset. A One Time Settlement (OTS) was attempted but failed, leading to the
…In 2011, J H V Sugar Limited (Corporate Debtor) sought a loan of Rs. 5710.50 lakh from Indian Renewable Energy Development Agency Limited (Financial Creditor), comprising Rs. 2741.25 lakh as a main loan and Rs. 2969 lakh as an additional/bridge loan for the Sugar Development Fund. The loan was sanctioned on July 26, 2011. A loan agreement and Deed of Hypothecation were executed on October 3, 2022. The Corporate Debtor was to repay the loan in quarterly installments with interest at 12.50% for the term loan and 13.50% for the additional/bridge loan. The Corporate Debtor failed to repay the debt, leading the Financial Creditor to issue a Demand Notice on December 16, 2015. The account was classified as a Non-Performing Asset on March 31, 2017. A Loan Recall notice was
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Indian Renewable Energy Development Agency Limited (the Financial Creditor) against J H V Sugar Limited (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a loan amounting to Rs. 24,95,05,121 as of March 31, 2023. The Corporate Debtor had approached the Financial Creditor in 2011 for a loan of Rs. 5710.50 lakh, which was sanctioned. A loan agreement and Deed of Hypothecation were executed. The Corporate Debtor failed to repay the loan, leading to the account being classified as a Non-Performing Asset. A One Time Settlement (OTS) was attempted but failed, leading to the
…In 2011, J H V Sugar Limited (Corporate Debtor) sought a loan of Rs. 5710.50 lakh from Indian Renewable Energy Development Agency Limited (Financial Creditor), comprising Rs. 2741.25 lakh as a main loan and Rs. 2969 lakh as an additional/bridge loan for the Sugar Development Fund. The loan was sanctioned on July 26, 2011. A loan agreement and Deed of Hypothecation were executed on October 3, 2022. The Corporate Debtor was to repay the loan in quarterly installments with interest at 12.50% for the term loan and 13.50% for the additional/bridge loan. The Corporate Debtor failed to repay the debt, leading the Financial Creditor to issue a Demand Notice on December 16, 2015. The account was classified as a Non-Performing Asset on March 31, 2017. A Loan Recall notice was
…The Corporate Debtor…
The Financial Creditor…