ORDER SHEET OF THE HEARING ON 21st JULY 2026

Present: 1. Hon’ble Member (Judicial), Shri Rammurti Kushawaha

2. Hon’ble Member (Technical), Shri Yogendra Kumar Singh

Appearances (via video conferencing/physically)

For Petitioner (s) : Mr. Soumyajit Saha, Adv.

For Respondent (s) : Mr. Sujit Banerjee, Adv

ORDER

Order pronounced in open court vide separate sheets.

A Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

In the matter of CP(IB)/2/GB/2024:

IL&FS Financial Services Limited, a company incorporated under the Companies Act 1956 and having its registered Office at the IL&FS Financial Centre, 3rd Floor, Plot C - 22, G - Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, India.

...Petitioner/ Financial Creditor

-Versus-

Adhunik Meghalaya Steels Private Limited (CIN: U27101ML2000PTC006356), a company incorporated under the Companies Act 1956 and having its registered office at Plot No. 19, 23E, P I P Zone Byrnihat, Meghalaya, Jaintia Hills, Meghalaya –793101.

...Respondent/ Corporate Debtor

Coram:

Shri Rammurti Kushawaha : Member (Judicial)

Shri Yogendra Kumar Singh : Member (Technical)

Appearances (through video conferencing/physical):

For Petitioner : Mr. Shaunak Mitra, Ms. Kiran Sharma, Mr. Soumyajit Saha, (Advs.)

For Respondent : Mr. D.N Sharma, (Sr. Adv.), Mr. Nilay Sengupta, Mr. Sujit Banerjee (Advs.)

Order pronounced on: 21.07.2026

As Per Bench

1. The present Petition has been filed by IL&FS Financial Services Limited (‘Financial Creditor’), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (‘CIRP’) of Adhunik Meghalaya Steels Private Limited (‘Corporate Debtor’) for an unresolved Financial Debt of Rs. 55,45,97,395 /- (Rupees Fifty-five crore forty-five lakh ninety-seven thousand three hundred ninety-five only) as on 15.11.2023.

2. As per the Petitioner/Financial Creditor, the brief facts of the case are as follows: -

2.1 The Corporate Debtor is a Private Limited Company incorporated on 14.11.2000 under the Companies Act 1956 having CIN: U27101ML2000PTC006356.

2.2 The Corporate Debtor has approached the IL&FS Financial Services Limited (‘Financial Creditor’) for the term loan facility, whereby the Financial Creditor had agreed to extend a Term Loan Facility of upto 30,00,00,000/- (Rupees Thirty Crore only) (‘Term Loan Facility’) towards Working Capital Requirements/ General Corporate Purposes to the Corporate Debtor, vide Loan Agreement dated 27.02.2015.

2.3 Accordingly, out of the total sanctioned amount of Rs. 30,00,00,000/- (Rupees Thirty Crore) an amount of Rs. 24,58,84,395/ - (Rupees Twenty -Four Crore Fifty Eight Lakh Eighty Four Thousand Three Hundred and Ninety Five only) was was approved for disbursement.

2.4 Out of Rs. 24,58,84,395/-, an amount of Rs. 24,44,44,456 (Rupees Twenty Four Crore Forty Four Lakh Forty Four Thousand Four Hundred and Fifty Six only) was disbursed (after adjusting upfront interest payable on the facility until March 31.03.2015) by the Financial Creditor to the Corporate Debtor on 17.03.2015, on the terms and conditions more fully provided in the Loan Agreement along with various other documents executed between the parties (‘Facility Documents’). A copy of the offer letter along with the copy of the loan agreement dated 27.02.2015 are annexed as ‘Annexure F’.

2.5 As per the terms and conditions of the Facility Documents, the Corporate Debtor was required to repay the loan in 8 equal quarterly installments commencing from the end of 27th month from the date of disbursement.

2.6 The Corporate Debtor failed to repay the quarterly installments as per the terms of the Facility Documents and committed multiple defaults, leading up to a failure to pay the said instalments consecutively.

2.7 Hence,