In the matter of AJS AGRO TRADE PRIVATE LIMITED

NATIONAL COMPANY LAUI TRIBUNAL CUTTACK BENCH c"P. (IB) No. 2olCBl2o25 (Art application under Section 7 of the Insoluency and Barukntptcy Code, 2016) In rup nnartpR or': M/S VOLGA CREDIT AND LEASING LIMITED (A Norv-BnNIcNG F'tNeuctRl, Coti,tnaNv) RnctsuiRlrD OFI.-ICE ar: Suot'No" F-36, NI3CC TowBn. Ktowat Necar< Eesr, Npw Dpt-ut - 110023 ... FrrvaNctal CRppIron / APPuceur VERSUS M/S AJS AGRO TRADE PRIVATE LIMITED RBcrstpRno OpntcB ar: C lo Hazt Ztt<aReHat DUBBAR, BBsrpr Vtnva Hosettal, Maru RoRo, SnaurrRn NAGRR, RRIpuR, CuunrusGARH - 492OO2. ... ConpoRATE Dpsron / RnsrouDENT Datp or PRoUoUNcEMENT: 16"OL "2026

CQRAM: Dppp CHauona JosHt, Mpnnepn (Juntclel) BarvweRI Lel Mopla, Mnnntren (TecHucel|

ApppRRarcp: Fon ApplIcANT: Mn" Kuuel GooswaNl, ADV, Ms" KIN.lal CHRoua, ADV. Fon RpSpoNDENT: Spr Ex Pnntn

ORDER PER.: BaNwenI LeL MBBNa. MBMsBn (TBcHNIcaLl 1, The present petition has been filed by M/s Volga Credit and Lcasing Limited, the Financial Creditor, under Section 7 of the Insolvcncy and t3ankruptcy Code, 2016, seeking initiation of thc gd GA: u__' (

NCLT, CUTTACK BENCH CP(IB) No. 2olCB 12025 Corporate Insoivency Resolution Process against Mls AJS Agro Trade Private Lirnited, the Corporate Debtor" 2. The Financial Creditor is a Non-tSanking Financial Company duly registered with the Reserve Bank of India under the provisions of the lQeserve Bank of India Act, 1934, The Corporate Debtor is a company incorporated under the provisions of the Companies Act, 2Ol3 and is engaged in the business of whoiesale trade of agriculturai raw materials. AvpRnrpnrs MADE By THp Appuceur IN THE Applrcauow 3" It is stated that in October 2022, the Corporate Debtor approached the Financial Creditor seeking financial assistance to the tune of {10,00,00,000 for its business purposes. Fursuant to discussions and deliberations between the parties, a l,oan Agreement date d 09 .1O.2022 was executed, whereby the Financial Creditor agreed to grant an unsecured inter-corporate loan of {10,00,00,000 to the Corporate Debtor. As per the terms of the Loan Agreement, the loan carried interest at the rate of 10 percent per annum, with the tenure of the loan being two years from the date of receipt of the loan amount. 4. Pursuant thereto, the Financial Creditor disbursed the loan amount in thirteen tranches on 16.72.2022, 17.12.2022 and 19.12.2022 through its bank accounts maintained with trquitas Small Finance Bank and AU Small Finance Bank. Copies of the relevant bank statements evidencing such disbursements have been placed on record. The total amount disbursed aggregates to {10,00,00,000" 5. As per the terms of the Loan Agreement, the principal amount was repayable upon completion oi t*o years from the date of receipt of the loan. F{owever, the interest on the principal amount was payable at the rate of 10 percent per annum on a monthly basis. It is the case of the Financial Creditor that the Corporate Debtor failed to adhere to the terms of the Loan Agreement and did not pay the interest component as agreed, despite repeated demands. 9: S ,l 4

NCLT, CUTTACK BENCH cP(rB) No" 2OICB 12A25 6. In view of the alleged non-payment of interest, the Financial creditor issued a demand notice dated 17.o7 "2024 calling upon the Corporate Debtor to pay a sum of { 1 ,67 ,17 ,381, being the irrterest payable at the agreed rate for the period from r6.12.2a22 till 31.o7.2024, withtn a period of thirty days from the date of receipt of the sard notice. it is stated that the said notice was duly delivered t-o the Corporate Debtor on 22,O7 ,2024. However, no payment was made pursuant thereto. nor was any replv issued by the Corporate Debtor. 7. Subsequently, the l,'inancial Creditor issued another notice dated 72.09.2024, whereby the Loan Agreement dated Og.IA.2O22 was terminated in terms of Clause 8 thereof', and the Corporate Debtor was called upon to repay the entire outstanding principal amount of t10,00,00,000 along with accrued interest within a period of thirty days from the date of receipt of the notice. The said notice was received by the Corporate Debtor on 19"09.2024. 8" In terms of the notice dated r2.a9.2a24, the corporate Debtor was required to repay the entire outstanding amount on or before 19.10.2024" It is stated that the Corporate Debtor failed to make payment within the stipulated period and, accordingly, the date of default has been stated to be 20.1O.2024. 9. It is further stated that despite repeated demands, the corporate Debtor neither repaid the principal amount nor paid any portion of thc accrued interest. No reply was received from the Corporate Debtor to either the notice dated 77.O7 "2024 or the notice dated 12.O9.2024" 10. According to the Financial Creditor, a total sum of <12,O4,1,6,666.59 remains due and payable by the Corporate Debtor as on 31.12.2024, comprising {10,00,00,000 towards principal and <2,o4,76,666"59 towards interest calculated at the rate of 1o percent per annLrm on a simple interest basis. A copy of the ledger statement maintained by the Financial creditor has been placed on record in support of the said claim. Sa :?cIt --:r7

NCLT, CUTTACK BENCH CP(IB) No" 2OlcB l2O2s 11. It is stated that the Corporatc Debtor has committed default in repayment of the aforesaid financial debt and that the date of default is 20. fO.2024^ The lrinancial Creditor has lLrther submitted that the arnount in default exceeds the minimum 1-hreshoid of t1,OO,0O,OOt) prescribed under the lnsolvency and Bankruptcy Code, 2016. L2. On account of the alleged default, the Financial Creditor has fiied the present petition seeking initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2Arc, CouRsp op PRocpEDTNGS BproRp rHp Trunuual 13. The present matter was listed for the first time before this Tribunal on 08.04 "2025. on that date, this Adjudicating Authority observed that although thc Petitioner had claimed to be a Non- Banking Financial Company, the NBFC registration certificate had not been annexed with the petition" Accordingly, the Petitioner was directed to place the NBFC registration certificate on record within one week, and the matter was adjourned to 24.O4.2025. L4" On 24.O4"2025, the Petitioner submitted that the defect pointed out by the Tribunal had been cured and that the NBFC registration certificate had been duly filed" Upon being satisfied with the compliance, this Tribunal directed issuance of notice to the Corporate Debtor and granted three wceks' timc to the Corporate Debtor to file its reply. The matter was thereafter listed on 26.05.2025. 15. on 26.o5.2025, this Tribunal noted that service of notice upon the corporate Debtor through Speed Post had been unsuccessful, with the notice being returned with the endorsement "Addressee left without instruction". It was, however, stated that service through email had been effected. In order to ensure proper service in accordance with law, this Tribunal permitted substituted service and directed the Petitioner to publish the notice in two newspapers, namely Times of India (English edition) and Dainik Bhaskar (I{indi edition), circulating in the State of Chhattisgarh. .3rl 9a _,

NCLT, CUTTACK BENCH CP(IB) No" 2olCB 12025 16, On t8.A7.2025, the Petitioner filed an affidavit of service enclosing photocopies of the newspaper publications^ Upon perusai, this Tribunal observed that the originai newspaper cuttings had rrot been filed and accordingly directed the Petitioner to place the original newspaper cuttings on record within ten days, L7. On 07.O8.2025, learned counsel appearing for the petitioner sought further time to comply with the direction regarding filing of the original newspaper cuttings. The matter was therefore adjourned to 04 ,49 .2025. 18. On O4.O9.2025, the Petitioner filed the original newspaper cuttings in compliance with the earlier directions. Upon perusal of the same, t-his Tribunal recorded that service upon the Corporate Debtor stood duly effected through substituted mode" The matter was thereafter listed for appropriate orders on 07^ IO.2025. L9. On 07.1O.2025, despite valid service through substituted mode, none appeared on behalf of the Corporate Debtor. The matter was adiourned for further consideration and was subsequently taker-r up on 04" l7 "2025" On 04. 11.2025, this Tribunal noted that the Corporate Debtor, despite having been duly served, had failed to appear and was wilfully avoiding the proceedings. Accordingly, the Corporate Debtor \ /as proceeded against ex parte. The matter was thereafter listed for ex parte arguments on 21.11.2025. 20. On 21.11"2025, during the course of hearing, this Tribunal sought-clarification and additional material in support of the disbursement of the loan amount and the outstanding claim. Learned r:ounsel appearing for the F inancial Creditor sought time to place certain additional documents on record, including bank statements. 2L. On t2.72.2O25, final ex parte arguments were heard. The additional bank statements filed by the Financial Creditor on 06.12.2025 were taken on record and considered. Upon completion of submissions, this Tribunal re served the matter for orders. sd 9A:

NCLT, CUTTACK BENCH CP(IB) No" 2olcB 12026 ConapuaucE oF Onppn DATED 2L"LL.2O2S 22. in compliance with the order dated 21.1r.202s, the Financiai Creditor has filed an Additional Affidavit through its authorised representative" The said affidavit has been filed pursuant to the query raised by this Tribunal regarding the placement of complete bank statements frorn the date of disbursement of the financial debt till the stated date of defar-rll and to clarify whether any repayment of interest or principal had been made by the Corporate Debtor" 23, Along with the Additional Affidavit, the Financial Creditor: has placeci on record the bank account staternents maintained with Equitas small frinancc: Bank for the period from 16.12.2022 to L9^1o.2o24 and with AU Small Finance Bank for the period from 06.A6.'2A'22 to O8"O3.2O24. It has been clarified thar the account rnaintained with AU Smali Finance Bank was closed on o9.og.2o24 and, therefore, the statement has been filed only up to the said date" 24" The Irinancial creditor has stated that no amount towards either principai or interest has been repaid by the Corporate Dcbtor and that the Corporate Debtor continues to remain in default of t-he entire financial debt. The Additional Affidavit and the documents annexed therewith have been filed strictly in compliance with the order dated 21" "11.2025 and have been taken on record. WRIT?EN SUBMISSIONS ON BEHALF OF THE FINANCIAL CREDITOR 25" In october 2a22, the corporate Debtor approached the Financial creditor seeking a financial facility of {10,00,00,000 (Rupees Ten Crores only) for its business purposes. 26. Pursuant to negotiations bctween the parties, a Loan Agreement dated 09.1o.2022 was executed, In terms of clause 1 of the said Loan Agreement, the Financial Creditor agreed to grant an unsecured inter-corporate loan of {10,00,00,000 to the corporate Debtor, carrying interest at the rate of 10 percenl per annum. A copy of the Loan Agreement forms part of the record. .3d GA

NCIT, CUTTACK BENCH CP(IB) No. 2olCB l2a2s 27. Pursuant thereto, the Financial Creditor disbursed the loan amount in thirteen tranches on 16.I2.2022, 17.12.2022 and 19.12.2022 through its bank accounts maintained with Equitas Small Finance Bank and AU Small Finance Bank. copies of the complete bank statements evidencing such disbursements have been placed on record through an Additional Affidavit dated 05"72.2025. The details of the said disbursements are as follows: Date of Transfer Amount Transferred Mode of Transfer L6.L2^2022 go,0o,oo0 RTGS 1.6.12.2022 80,00,000 RTGS 16.12.2022 40,00,000 RTGS 1,6.1,2.2022 95,00,000 RTGS 1,6.12.2022 90,00,000 RTGS 16"1,2"2022 60,00,000 RTGS 1,6.1,2^2022 55,00,000 RTGS L7.12.2022 90,00,000 RTGS 17.1"2.2022 85,00,000 RTGS r.9 12..2022 97,00,000 RTGS 1"9.L2.2022 98,00,000 RTGS 19.12.2022 6o,00,ooo RTGS L9.L2"2022 70,00,000 RTGS Total 10,00,00,000 2a. As pi:r the Loan Agrcement, the principal amount was repayable after the expiration of two years from the date of receipt of the loan" llowever, interest on the principal amount was payable by way of monthly instalments. Despite repeated assurances, the corporate Debtor failed to pay even a single instalment of interest, thereby committing continuous breach of the terms of the Loan Agreement. 29. In view of the aforesaid default, the Financial Creditor issued a demand notice dated 17.O7.2024 calling upon the Corporate Debtor to make payment of accrued interest amounting to <7,O7 ,17 ,381. The said notice was duly delivered to the corporate Debtor. No reply was issued by the corp<>rate Debtor to the said notice, nor was any payment made pursuant thereto. gA:

NCLT, CUTTACK BENCH CP(IB) No. 2olCB 12025 30. Thereafter, invoking C1ause 8 of the Loan Agreement, the Financial creditor issued a termination notice dated 12,a9.2024, whereby the Loan Agreement dated 09.10.2022 was terminated and the Corporate Debtor was called upon to repay the entire outstanding principal amount along with accrued interest within a period of thirty days, The said notice was delivered to the corporate Debtor on 19,o9.2024 " 31. In terms of the termination notice dated I2.O9.2O24, the corporate Debtor was required to repay the entire outstanding amount on or before 19.1o.2024. Since no payment was made within the stipulated period, the date of default is stated to be 20.to.2024. 32. As on 3L.72"2O24, the outstanding amount payable by the Corporate Debtor to the Financial Creditor is <12,O4,16,666.59, comprising the following: Principai Amount L0,00,00,000/- Default Interest 2,O4,76,666.59 I - Total 12,o4,16,666"59 33. It is submitted that the present financial transaction arises out of the Loan Agreement dated 09"1,o.2022 and the disbursement of {10,00,00,000 through regular banking channels stands conclusively estabiished by the loan agreement, bank statements, ledger entries and supporting documents placed on record. 34. It is further submitted that the Corporate Debtor has defaulted in repayment of the financial debt, which is evidenced by the demand notices dated 77.o7.2024 and 72.o9^2024, proof of delivery thereof, the ledger account maintained by the Financial Creditor, and the bank statements demonstrating that no repayment has been made despite termination of the loan. 35" It is submitted that even otherwise, the entire tenure of the loan of two )/ears, as stipulated under the Loan Agreement dated qa sd ) +<

NCI,T, CUTTACK BENCH CP(IB) No" 2olcB 12025 09.10.20'22. has expired and no repayment of the principal amounl. has been made by the Corporate Debtor. 36" Reliance is placed on the judgment of the Hon'ble Supreme Court in M. Suresh Kumar Reddy v. Canara Bank & Others, Civil Appeal No. 7121 of 2022, wherein it has been held that once the Adjudicating Authority is satisfied that a financial debt exists and default has occurred, admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is mandatory. 37 ^ It is submitted that the loan facility was sanctioned on 09.10.2022 and the stated date of default is 20.70.2024" Accordingly, the present-petition has been filed within the period of limitation. 38. It is further submitted that the amount in default exceeds the minimum threshold of {1,00,00,000 prescribed under the Insolvency and Bankruptcy Code, 2016" 39. In view of the facts and circumstances stated hereinabove, the applicant respectfully prayed that this Tribunal may be pleased to admit the present petition and initiate the Corporate Insolvency Resolution Process against. the Corporate Debtor in accordance with law. ANALYSIS AND FINDINGS 40.. This Adjudicating Authority has carefully considered the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2A76, the pleadings and documents placed on record, the written submissions filed on behalf of the F-inancial Creditor, and the Additional Affidavit filed pursuant to the order dated 21"11"2025. Despitc-due service through substituted mode, the corporate Debtor has failed to appear and was accordingly proceeded ex parte. The application is therefore examined on the basis of the material available on record. 4L" F-or admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2076, the Adjudicating Authority is required to be satisfied with respect to the following ingredients: 3a 3d -7

NCLT, CUTTACK BENCH CP(IB) No. 2olCB l2o2s (i) the applicant is a I,-inancial Creditor; (ii) the existence of a financial debt within the meaning of Section 5(B) of the Code; (iii) occurrence of default as defined under Section 3(12) of the Code; (iv) the amount of default exceeds the minimum threshold prescribed under Section 4 of the Code; (v) the application is complete in all respects and is not barred by limitation. 42. The applicant claims to be a Non-Banking Financial company" During the course of proceedings, this Tribunal had directed the applicant to place its NBFC registration certificate on record" The said defect was duly cured and the NBFC registration certificate has been filed. Accordingly, the applicant satisfies the requirement of being a Financial creditor under the Insolvency and Bankruptcy code, 2016. 43. The Financial creditor has placed on record the Loan Agreement dated 09.10.2022 executed between the parties. As per the terms of the said agreement, the Financial creditor advanced an unsecured inter-corporate loan of {10,00,00,000 to the corporate Debtor, carrying interest at the rate of 1O percent per annum. 44. The disbursement of the loan amount has been established through bank statements evidencing transfer of funds through regular banking channels in multiple tranches between 16.12.2022 and 19.12.2022. The Additional Affidavit filed pursuant to the directions of this Tribunal encloses complete bank statements from the date of disbursement till the stated date of default. 45. The transaction involves disbursement against consideration for the time value of money and has the commercial effect of a borrowing. Accordingly, this Adjudicating Authority is satisfied that the claim constitutes a financial debt within the meaning of Section 5(g) of the Insolvency and Bankruptcy Code, 2016. 3d OccuRnpNCE oF Dppaulr sd?

NCLT, CUTTACK tsENCH CP(IB) No. 2olCB l2a2S 46, 1'he [erm "defauh" as defined under Section 3(12) of the lnsoh,'ency and Bankruptcy code, 2016 means non-payment of a debt when the whole or any part of the debt has becomd due and payable and is not paid. 47, This Adjudicating Authority has examirred the terms of the l-oan Agreement dated 09.1o.2022, particularly the clause relating to default and termination. The said agreement expressly provides that in the event the borrower commits any breach or fails to observe its obligations, thc-: lender is entitled, at its sole discretion, to terminate the agreement after serving a notice of t-hirty days, and upon suctr termination, the entire outstanding loan amount along with accrued interest. shall become immediately due and payable, notwithstanding the agreed repayment schedule" "8. That in case, the borrower commits any breach. or omits to obserue anu of its obligatiorts and undertakings und.er this agreemerut, the leruder shall be in l/s sole discretion to terminate this agreem.ent, after seruing a s0 days notice in writing on. the borrotaer arud in th.at euent, the entire amount of loan outstctnding with rlue interest etc, shall. become due arud payable immediately by the borrouter to tLrc lender, ruotutithstanding the agreed. schedule of the pdymerlt." +4. In the present case, it is the case of the Financial Creditor that. the Corporate Debtor failed to discharge its obligation to pay interest as stipulated under the Loan Agreement. In exercise of its contractual right, the Financial Creditor issued a termination and recall notice dated 12^o9.2024, which was duly served upon the corporate Debtor on 19"09.2024" Despite expiry of the notice period, the corporate Debtor failed to make payment of the recalled amount" 49. Accordingly, upon expiry of thirty days from receipt of the termination notice, the entire outstanding financial debt became due arrd payable in terms of the express acceleration clause contained in 3a 3A-? Page 11. of 16

NCLT, CUTTACK BENCH CP(IB) No. 2o1CB l2o2s 'lhe the Loan Agreement^ failure ol the corporate Debtor to pay the said arnount thereafter constitutes a default within the meaning of Section 3(12) of the insolvency and Bankruptcy Code, 2016. The date of default pleaded as 20. 1O^2024 is therefore contractually founded and legally sustainable. 50. This p<tsition is further corroborated by the record of default availabrle with the Information Utility, which reflects the same date of default. The Additional Affidavit and bank statements placed on record also establish that no amount towards either principal or interest has been repaid by the Corporate Debtor. In the absence of any rebuttal or material to the contrary, this Adjudicating Authority is satisfied that default has occurred and continues to subsist. 51" The total amount claimed to be in default as on 31"12.2a24 ts {tr2,04.16,666.59, comprising {10,00,00,000 towards principal ancl <2,o4,76,666.59 towards interest. The amount in default exceeds the minimurn threshold of {i,00,00,000 prescribed under section 4 of the Insolvency and Bankruptcy Code, 2016^ 52" Applications under section 7 of the Insolvency and Bankruptcy code, 2016 are governed by Article 137 of the Limitation Act, L963, and since the financial debt became due and payable upon expiry of the termination notice dated 12"09.2024, with the date of default being 20.1o.2024, the present application having been fited within three years therefrom is clearly within the prescribed period of limitation. 53. At the stage of admission of an application under Section 7 of the code, the scope of inquiry of the Adjudicating Authority is confined to ascertaining the existence of a financial debt and the occurrence of default. Once these foundational facts are established and the application is found to be complete and within limitation, admission of the application is mandatory in terms of Section 7(s)(a) o1' the Code, as held by the Hon'ble Supreme Court in M. Suresh Kr.lmar Reddy v. Canara Bank & Others. gd

NCLT, CUTTACK BENCH CP(IB) No. 2olCB l2o2s 54. trn view of the foregoing discussion, this Adjudicating Authority is satisfied that: (a) the applicant is a Financial Creditor; (b) a financial debt-exists; (c) default has occurred and continues to subsist; (d) the amount of delault exceeds the statutory threshold; (e) the application is complete and filed within lirnitation" 55" In view of the aforesaid observations and findings recorded hereina.bove, this Adjudicating Authority is satisfie d that the application filed under section 7 of t.he Insolvency and Bankmptcy Code, 2016 is complete in all respects and that a financial debt exists and default has occurred. Accordingly, the application deserves to be admitted. 56. i{ence, the application bearing C.P. (IB} No. 2O1CBI2O25, filed under Section '7 of the Insolvency and Bankruptcy Code, 2A16 by M/s volga credit and Leasing Limited against M/s AJS Agro Trade Private Limited, the corporate Debtor, is hereby ALLOWED and the Corporate Debtor is ADMITTED into CIRP. 57" A moratorium is declared under Section 14 of the Insolvency and Bankruptcy Code, 2076, prohibiting the following actions in terms of Section l4(1) of the Code: A. The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor, including execution of any judgrnent, decree or order in any court nf law, tribunal, arLritration panel or other authority; B. Transferring, encumbering, alienating or disposing of Lry the Corporate Debtor any of its assets or any legal right or beneficial interest therein; C" Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property, including any action under the Securitisation and Reconstruction gdv g .l

NCI,T, CUTTACK BENCH cP(IBl No. 2olCB l2ozs of Financial Assets and Bnforcement of Security Interest Act, 2002; D. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate De btor. 58. The moratorium shall remain in force from the date o{"this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves a resolution plan under sect.ion 31(1) of the code or passes.an order for liquidation of t-he Corporate Debtor under Section 33 of the Code, whichever is earlier. 59. As proposed by the Financial creditor, Mr" suman Kumar verrna, bearing Registration No. IBBI/IpA-oozlrP-NoozgSl20Lg- 2OL91L2344, having address at Flat No. GOZ, Tower-4, paras Tierea, Sector-L37, Noida, Uttar Pradesh - 2O13OS, and email skvgrm-a,ip(@gg;ail,cog-1, is hereby appointed as Interim Resolution Professionzrl (lRP) of the Corporate Debtor to carry out the functions as per the Code, subject to his possessing a valid Authorisation flor Assignment (AFA) in terms of Regulation 7A of the Insolvency and Bankruptcy Board of India (lnsolvency Professional) Regulations, 2016" 60" The interim Resolution Professional shall be appointed separately in accordance with the provisions of the Insolvency and Bankruptcy code, 2016 and the rules and regulations made thereunder, subject 1-o confirmation of possession of a valid Authorisation for Assignment in terms of Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 20I6. 61. The Interim Resolution Professional so appointed shall make a public announcement of the initiation of the Corporate Insolvency Resolution Process and call for submission of claims in terms of Section 15 read with Section 13(1)(b) of the Code. ea q d -2 )v-++

NCLT, CUTTACK BENCH CP(IB) No. 2olcB 12a25 62" The supply of essentiai goods or services to the corporate I)ebtor, if continuing, shall not be terminated, suspended or interrupted during the moratorium period. The Corporate Debtor shall exte nd ful1 assistance and cooperation to the Interim Resolution Professional in dischargc of his duties as and when he takes charge of the assets and management of the corporate debtor" 63. The IRP shall perform all its functions as contemplated, inter alia, by sections 77, L8,20 & 21 of the code. trt is lLrther made clear that ail personnel connected with Corporate Debtor. its Promoter or any other person associated with the managernent of the Corporate Debtor are under a legal otrligation under Section 19 of the Code to extend every assisl-ance and co-operation to the Interim Resolution Professionai. where any personnel of the corporate Debtor, its Promoter, or any other person is required to assist or co-operate with IRP, t-rut does not assist or co-operate, the IRP is at liberty to make an appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 64, The IRP shall be under a duty to protect and preserve the value of the properly of the corporate Debtor and manage the operations of the Corporate Debtor as a going concern as a part of the obligation imposed by Section 20 of the Insolvency & Bankruptcy code, 2aJ,6. 65. The Interim Resolution Professional / Resolution Prof'essional shall submit periodic progress reports before this Adjudicating Authority in accordance with the provisions of the code and the regulations framed thereunder. 66. The Financial creditor shall deposit an initial amount of Rs. 2,oo,ooo/- (Rupees TWo Lakhs onlyf within 3 (Threef days from the date of receipt of this order towards the expenses of the corporale Insolvency Resolution Process. Proof of such deposit shall be filed before this Adjudicating Authority along with the first progress report. The Interim Resolution Professional shall be at liberty to seek further inter:im finance, as required, in accordance with law.

NCLT, CUTTACK BENCH cP(rB) No. 2O1CB 12025 67. In terms of section T(T)(a) of the code, the Registry is directed to comrlunicate a copy of this order to the Financial creditor, the Corporate Debtor, the Interim Resolution professional and the concerned Registrar of Companies within seven working days and upload the same on the website of this Tribunal immediateiy after pronouncement. 68. The Interim Resolution Professional shall also serve a copy of this order uporl statutory authorities including the Income Tax Department, GST authorities, State commercial Tax Department, Provident Fund authorities and such other authorities as may have claims against the corporate DeLrtor, &S well as employees or workmen associations, if any, 69" The Corporate Insolvency Resolution Process shall commence from the date of this order. 70" The Resolution Professionai shall submit reports and compliances brefore this Adjudicating Authority stnctly in accordance with the timelines prescribed under the Insr:lvency and Bankruptcv Code, 2016 and the regulations made thereunder. 7L. The application bearing c"p. (IB) No" zotcBt2o2s stands ALLOWED. /\ gd -qr) eaTffenl LAL MEENA DEEP CN]UDNA JOSHI MEMBER (TECHNTCALI MEMBER (JUDICIAL}

NATIONAL COMP,A.NY LAW TRIBUNAL CUTTACI( BENCH COURT No. I VC AND PHYSICAL (HYBRID) MODE ITEM No. 104 CP (IB) No.20lCBl202s IA (IB) No.54/C812026 CORAM: 1. SH. DEEP CHANDRA JOSHI' HON'BLE MEMBER (JUDICIAL) 2, SH. BANWARI LAL MEENA, HON'BLE MEMBER (TECHNICAL) Date of Order: 12th Februaryo2026 PROCEEDINGS UNDER SECTION T IBC IN THE MATTER OF: VOLGA CREDIT & LEASING LTD. ......Applicant V/S AJS AGRO TRADE (P) LTD. ....Respondent PRESENT: Iror the Applicants Mr. Kunal GodhwaniAdv, Ms. Kinjal Chadha, Adv. For the Respondents ORDBR IA (lB) No. 54/CB 120;26 Ld. Counsel Ms. Kinjal Chadha appeared through VC for the applicant. 'Ihis is an application under Rule 11 of the NCLT Rules, 2016 seeking replacement of the IRP. This Adjudicating Authority while admitting an application tlled by the applicant under Section 7 of the IBC, 2016 vide order dated 16.01 .2026 appointed Mr. Suman Kumar Verma, bearing Registration No. IBtll/lPA-002/IP-N0073812018-2019112344,It is stated in the application that Mr. Suman Kumar Verma by way of email dated 27 .01.2026 apprised the Financial Creditor i.e., the Applicant herein that the Interim Resolution Prof'essional in terms of Regulation 78 of the Insolvency and Bankruptcy Board of India (lnsolvency Professionals), Regulations 2016, cannot take more than 10 assignments and he already has 12 cases on his shoulders, so he would not be able 12.02.2026 /a \ Sharmq Parutcaj :2 Cx 8d, -__--Z (PS) z/- ---------- to take this assignment. 'I'he applicant suggested the name of Mr. Vekas I(ttrnar Garg Resoh-rtion Professional as IRP, his consent letter has attached with the application. In view of the present circumstances, Mr. Suman I(umar Verma as lRI, replacement with Mr. Vekas Kumar Garg. Mr" Vekas Kumar Garg will act as IRP in this matter. Accordingly, this application is Allowed and Disposed of.

6s--7 3a uoNffilir.lvrrnNa DEEP CHANDRA JOSHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

12"02.2026 Pankaj Sharma (PS)