The Applicant/Financial Creditor, Indian Renewable Energy Development Agency Limited (IREDA), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, Novus Green Energy Systems Limited, due to default in repayment of financial debt.
Indian Renewable Energy Development Agency Limited (IREDA) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The application sought initiation of Corporate Insolvency Resolution Process (CIRP) against Novus Green Energy Systems Limited.
The default amount was Rs. 34,68,49,261/- as on 15.09.2025.
IREDA had sanctioned a Short-Term Loan Facility of Rs. 36,00,00,000/- to Novus Green Energy Systems Limited.
The loan was for the execution of an EPC Contract of 15 MW Floating Solar PV Power Plant project awarded by Singareni Collieries Company Limited.
A Short-Term Loan Agreement was executed on 27.03.2021.
The Corporate Debtor agreed to pay interest @ 11.40% per annum.
Liquidated damages @ 2% per annum were chargeable in the event of default.
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Date of the Sanction…
Date of the Short-Term…
The Applicant/Financial Creditor, Indian Renewable Energy Development Agency Limited (IREDA), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, Novus Green Energy Systems Limited, due to default in repayment of financial debt.
Indian Renewable Energy Development Agency Limited (IREDA) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The application sought initiation of Corporate Insolvency Resolution Process (CIRP) against Novus Green Energy Systems Limited.
The default amount was Rs. 34,68,49,261/- as on 15.09.2025.
IREDA had sanctioned a Short-Term Loan Facility of Rs. 36,00,00,000/- to Novus Green Energy Systems Limited.
The loan was for the execution of an EPC Contract of 15 MW Floating Solar PV Power Plant project awarded by Singareni Collieries Company Limited.
A Short-Term Loan Agreement was executed on 27.03.2021.
The Corporate Debtor agreed to pay interest @ 11.40% per annum.
Liquidated damages @ 2% per annum were chargeable in the event of default.
…Date of the Sanction…
Date of the Short-Term…