In the matter of J H V SUGAR LIMITED

INTHENATIONAL COMPANY LAWTRIBUNAL SPECIAL BENCH,COURT-I, KOLKATA CP (IB)No. 131/KB/2023 Apetition under section 7of theInsolvency andBankruptcy Code,2016,andRule4of theInsolvency andBankruptcy (Application toAdjudicating Authority)Rules, 2016 In the matterof: Indian RenewableEnergy Development Agency Limited …FinancialCreditor Versus JH VSugarLimited [CIN: U15421WB1997PLC085863] …CorporateDebtor Date ofpronouncement:07.04.2025

Appearances (through videoconferencing): For theFinancial Creditor :Mr. SoumavaMukherjee, Advocate :Mr. K. Singh, Advocate :Mr. NSachden, Advocate :Mr. ASharma, Advocate Coram: Smt. Bidisha Banerjee : Member(Judicial) Shri Sameer Kakar : Member(Technical) ORDER

Per Bidisha Banerjee, Member (Judicial):

1. ThisCourt convenedthrough a hybrid mode.

2. This is a Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 by Indian Renewable Energy Development Agency Limited, represented by Shri Anudeep Yadav, authorized vide a Board Resolution dated 21.05.20041 seeking to initiate Corporate Insolvency Resolution Process (“CIRP”)against JH VSugarLimited (“Corporate Debtor”).

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INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023 3. It is submitted that Part –I of this petition contains particulars of the Financial Creditor.Part-II ofthispetition contains particulars oftheCorporate Debtor.

4. Part –IV of the Petition contains details financial debt for an amount of Rs.24,95,05,121/- (Rupees Twenty Four Crore Ninety Five Lakh Five Thousand OneHundred Twenty One only) as on31.03.2023.

5. The Corporate Debtor was incorporated on 11 November 1997, having CIN: U15421WB1997PLC085863, under the Companies Act, 1956. It’s registered office is at Kamlalaya Centre, 156-A, Lenin Sarani, Room No. 212, IInd Floor, Kolkata-700013. Therefore, this Bench has jurisdictionto deal withthis petition.

6. The present petition was filed on 28 April 2023 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted to make a payment of a sum of Rs.24,95,05,121/- (Rupees Twenty Four Crore Ninety Five LakhFiveThousand One Hundred Twenty Oneonly) as on31.03.2023.

Brieffacts ofthecase:

7. The Corporate Debtor in the year 2011 had approached the Financial Creditor to grant a loan amounting to Rs.5710.50 lakh (Rs.2741.25 Lakh as main loan and Rs.2969 Lakh as additional/bridge loan towards Sugar Development Fund) for setting up its respective project. Upon consideration of the same, the Financial Creditor vide letter dated 26.07.20112 sanctioned a Term Loan for an amount of Rs.5710.50 lakh (Rs.2741.25 Lakh as main loan and Rs.2969 Lakh as additional/bridge loan towards Sugar Development Fund). A loan agreement and Deed of Hypothecation, both dated 03.10.20223 was also executed between the parties.

8. That in terms of the said Loan Agreement, the Corporate Debtor agreed to repay the loan in quarterly installments as per the terms of the loan agreement with interest at the rate of 12.50% for term loan of Rs.2741.25 Lakh and 13.50% on the additional/bridge loan against SDF of Rs.2969.25 Lakh. Further the Corporate Debtor was also bound to pay an additional 1% interest apart from the aforesaid

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INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023 rates during the commissioning project and default and 2.50% per annum on over duespayments. Atableshowing the disbursement schedule isas follows:

Date Disbursement (Rs. In Lakh)

19.12.2012 182.31

25.06.2014 1539.82

30.06.2014 10.18

21.08.2014 50.00

30.11.2015 159.63

TOTAL 1941.94

9. Subsequent to the above disbursement of loan amount, the Corporate Debtor failed to repay its debt and the Financial Creditor was constrained to issue a Demand Notice4 dated 16.12.2015 intimating the date of default. Besides, a number of reminder letters/ mails5 were exchanged between the parties but the CorporateDebtor failed toadhere to thesame.

10.The Financial Creditor states that the account of the Corporate Debtor was classified as a Non Performing Asset on 31.03.2017 and thereafter a Loan Recall notice dated 11.08.20176 was issued upon the Corporate Debtor to repay its dues amounting toRs.2505.27 lakh outstanding as on 30.06.2017. Pursuant to the same, the Financial Creditor was constrianed to file a Section 7 Application7 before this Hon’bleTribunal.

11.The Financial Creditor claims that subsequent to filing of the above Application, the parties entered into talks of settlement and amicably arrived at a One Time Settlement (OTS) on 24.07.2018. Thereafter the Financial Creditor issued an OTS

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INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023 to the Corporate Debtor on 15.05.2019 and as a result of the same, the application was withdrawn vide an order dated 17.07.20198.

12.It is also submitted by the Financial Creditor that after arriving at an OTS, the Corporate Debtor once again failed to repay its debt even after extension of the said OTS on multiple occasions. The said OTS was lastly extended on 31.01.2022 following which, the Corporate Debtor was obliged to satisfy its entire outstanding by 25.11.2022 but the Corporate Debtor failed to repay the same, therefore the Financial Creditor by way of a letter dated 12.12.20229 withdrew the OTS extended to the Corporate Debtor. The Corporate Debtor has time and again categorically admitted to its liability and obligations towards the Financial Creditor but has failed to make complete repayment till date. which can be established from the certificate10 of the Financial Creditor under Bankers Book Evidence Act, 1891 which has been filed by the Financial Creditor in the present application.

Analysis andFindings

13.None appeared for the Corporate Debtor to deny and dispute the statements made in the petition .The Corporate Debtorwas set ex parteon 18.11.2024.However,we have heard the Ld. Counsel appearing for the Financial Creditor extensively and perused therecords.

14.From the submissions of the Financial Creditor, it is apparent that the Corporate Debtor had availed a loan from the Financial Creditor and has failed to repay its debt.Acopy of the NeSL report evidencing the same is annexed asAnnexure-T at Pages 581-585 ofthepetition and is reproduced below:

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INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023

Therefore the two essential elements of ‘debt’and ‘default’has been established. 15.Therefore, we find that the present petition filed by the Financial Creditor is complete in all respects, withinlimitation and deserves beadmitted. 16.In the light of the above position of facts, record and law, it is, hereby ordered as follows: - a. The application bearing CP (IB) No. 131/KB/2023 filed by Indian Renewable Energy Development Agency Limited, the Financial Creditor,

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023 under section 7 of the Code read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against J H V Sugar Limited, the Corporate Debtor, is hereby admitted.

b. There shall beamoratorium under section 14oftheIBC.

c. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order forliquidation of Corporate Debtorunder section 33 oftheIBC, as the case may be.

d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)Regulations, 2016.

e. Mr. Alok Kumar Agarwal, registration number IBBI/IPA-001/IP- P00059/2017-2018/10137, email: alok@insolvencyservices.in, is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board ofIndia (Insolvency Professional) Regulations, 2016. The fee payable to IRP or the RP, as the case may be, shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRPshall carry out his functions as contemplated bysections 15,17,18,19,20and 21of theCode.

f. During the CIRPperiod, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRPwithin one week from the date of receipt of this Order, in default of which coercive steps will follow. There shall be no future opportunitiesin this regard.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023 g. The Interim Resolution Professional is expected to take full charge of the Corporate Debtor, its assets and its documents without any delay whatsoever. He is also free to take police assistance in this regard, and this Court hereby directs the concerned Police Authorities to render all assistance as may be required by the Interim Resolution Professional in this regard.

h. The IRP/RP shall submit to this Adjudicating Authority periodical report withregard to theprogress oftheCIRPin respect oftheCorporate Debtor.

i. The Financial Creditor shall deposit a sum of Rs 3,00,000/- (Rupees Three Lakhs only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the CommitteeofCreditors (CoC).

j. In terms of section 7(5)(a) of the Code, Court Officer of this Court is hereby directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and inany case, not later than two days from the dateofthis Order.

k. Additionally, the Financial Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, West Bengal, by all available means for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy ofthisorder.

17.CP (IB) No. 131/KB/2023 to come up on 13.05.2025 for filing the periodical report.

18.Acertified copy of this order may be issued, if applied for, upon compliance with allrequisite formalities.

(SameerKakar) (BidishaBanerjee) Member(Technical) Member(Judicial)

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(Court-I) CP(IB)No.131/KB/2023

Thisorder ispronouncedonthe07thday ofApril,2025. (FA_LRA)