... Admits Ireda's insolvency petition against Shri Saikrupa Sugar

Mumbai: After a delay of nearly six years, the Mumbai bench of the National Company Law Tribunal (NCLT) has admitted an application filed by Indian Renewable Energy Development Agency (Ireda) to admit Shri Saikrupa Sugar and Allied Industries under the corporate insolvency resolution process (CIRP).

The tribunal has appointed Kapil Dev Taneja as the interim resolution professional (IRP) of the Maharashtra-based sugar manufacturer.

Ireda - a listed state-owned company that provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation - approached NCLT after Shri Saikrupa Sugar failed to repay its dues of ₹167 crore including outstanding principal and interest.


Ireda had in 2012 sanctioned a loan facility of Rs 121 crore to Shri Saikrupa Sugar, which included a term loan of ₹93.80 crore and an additional/bridge loan of ₹27.23 crore. "During the CIRP period, the management of the corporate debtor (Shri Saikrupa Sugar) will vest in the IRP/RP," the NCLT bench of judicial member Kuldip Kumar Kareer and technical member Anil Raj Chellan said in its order on Tuesday.