Lok Sabha Question No. 1732 (UNSTARRED), answered on 2021-07-29
Subject: Loan Defaulters of IREDA
Ministry: NEW AND RENEWABLE ENERGY
Asked by: Hemant Tukaram Godse

## GOVERNMENT OF INDIA MINISTRY OF NEW AND RENEWABLE ENERGY

## LOK SABHA UNSTARRED QUESTION NO-1732

ANSWERED ON-29/07/2021

## LOAN DEFAULTERS OF IREDA

## 1732. SHRI HEMANT TUKARAM GODSE

Will the Minister of NEW AND RENEWABLE ENERGY be pleased to state:

- (a)  the  details  of  loan  defaulters/wilful  defaulters  of  Indian  Renewable  Energy  Development Agency (IREDA) during the last three years and the current year;
- (b) the names of such defaulting companies as per the latest estimate;
- (c) the details of total amount of outstanding loan against the said companies so far, companywise;
- (d)  the  total  amount  of  subsidy  given  by  the  Government  to  loan  defaulter  companies  for nonrenewable energy projects, company and amount-wise; and
- (e) the action taken against the loan defaulters/ wilful defaulters, company-wise?

## ANSWER

## THE MINISTER OF NEW & RENEWABLE ENERGY AND POWER

## (SHRI R.K. SINGH)

- (a) to (c) The details of loan defaulters of IREDA during the last three years and the current year are  given at Annexure .  Further,  during  last  three  years  and  the  current  year,  no  borrower  has been declared as willful defaulter.
- (d)  No  subsidy  has  been  given  by  Ministry  of  New  &  Renewable  Energy  to  loan  defaulter companies for nonrenewable energy projects.
- (e) The action taken against the loan defaulters (company-wise) is given at Annexure .

*****

## Annexure

## Annexure referred to in reply to part (a), (b), (c) and (e) of Lok Sabha unstarred Question No. 1732 for 29-07-2021 regarding 'Loan Defaulters of IREDA'.

| FY 2021-22 (upto 26.07.2021)   | FY 2021-22 (upto 26.07.2021)   | FY 2021-22 (upto 26.07.2021)              | FY 2021-22 (upto 26.07.2021)   | FY 2021-22 (upto 26.07.2021)   | FY 2021-22 (upto 26.07.2021)                                                                                                                                                                                                                                                                                                                       | FY 2021-22 (upto 26.07.2021)                   |
|--------------------------------|--------------------------------|-------------------------------------------|--------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|
| S. No.                         | Borrower Code                  | Name of the Borrower Company/Account Name | Sector                         | Loan Outstanding (Rs. Lakhs)   | Action Taken so far                                                                                                                                                                                                                                                                                                                                | Financial Year in which account was downgraded |
| 1.                             | 2454                           | KALSUBAI POWER PRIVATE LIMITED            | WIND                           | 2496.94                        | Several review meetings have been conducted with the borrower and it is noted that there is a delay in payment from Maharashtra DISCOM (MSEDCL) to the company. IREDA has already taken up the matter with MSEDCL officials and they are in process of releasing the pending payments. Thereafter, the account is likely to be updated with IREDA. | 2021-22                                        |
| 2.                             | 2455                           | NILGIRI POWER PRIVATE LIMITED             | WIND                           | 2988.20                        | Several review meetings have been conducted with the borrower and it is noted that there is a delay in payment from Maharashtra DISCOM (MSEDCL) to the company. IREDA has already taken up the matter with MSEDCL officials and they are in process of releasing the pending payments. Thereafter, the account is likely to be updated with IREDA. | 2021-22                                        |
| FY 2020-21                     | FY 2020-21                     | FY 2020-21                                | FY 2020-21                     | FY 2020-21                     | FY 2020-21                                                                                                                                                                                                                                                                                                                                         | FY 2020-21                                     |
| S. No.                         | Borrower Code                  | Name of the Borrower Company/Account Name | Sector                         | Loan Outstanding (Rs. Lakhs)   | Action Taken so far                                                                                                                                                                                                                                                                                                                                | Financial Year in which account was downgraded |
| 1.                             | 1781                           | ENERCON WIND FARMS (SAI) PRIVATE LIMITED  | Wind                           | 267.22                         | Several review meetings have been conducted with the borrower and it is noted that there is a delay in payment from                                                                                                                                                                                                                                | 2020-21                                        |
|                                | 1781-1                         | ENERCON WIND FARMS (SAI) PRIVATE LIMITED  | Wind                           | 312.47                         | Maharashtra DISCOM (MSEDCL) to the company. IREDA has already taken up the matter with MSEDCL officials                                                                                                                                                                                                                                            | 2020-21                                        |

|    | 1781-D    | ENERCON WIND FARMS (SAI) PRIVATE LIMITED   | Wind                |    16.96 | and it has been informed by MSEDCL officials that they are in process of releasing around Rs. 11 Crore pending dues                                                                                                                                                   | 2020-21   |
|----|-----------|--------------------------------------------|---------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|    | 1781-D1   | ENERCON WIND FARMS (SAI) PRIVATE LIMITED   | Wind                |    18.28 | towards sale proceeds to the company in August 2021. Thereafter, the account is likely to be regularised with IREDA.                                                                                                                                                  | 2020-21   |
| 2. | 1945      | KHANDALERU POWER COMPANY LIMITED           | Small Hydro         |   236.25 | Several review meetings have been conducted with the borrower and no conclusion has been reached for regularizing the                                                                                                                                                 | 2020-21   |
| 3. | 2123      | KHANDALERU POWER COMPANY LIMITED           | Small Hydro         |  2153.36 | account. Hence, IREDA is in process of initiating legal action against the company.                                                                                                                                                                                   | 2020-21   |
| 4. | 2381      | MARSOLSOLAR PRIVATE LIMITED                | Solar Thermal / SPV |    57.79 | Several review meetings have been conducted with the borrower and no conclusion has                                                                                                                                                                                   | 2020-21   |
|    | 2381- VGF | MARSOLSOLAR PRIVATE LIMITED                | Solar Thermal / SPV |    34.56 | been reached for regularizing the account. Hence, IREDA is in process of initiating legal action against the company.                                                                                                                                                 | 2020-21   |
| 5. | 2039      | NSL RENEWABLE POWER PRIVATE LIMITED        | Wind                |  6786    | Several review meetings have been conducted with the borrower and it was informed that the company is in discussions with prospective buyer through change of management. In case of no positive outcome from the company, further recovery action will be initiated. | 2020-21   |
| 6. | 2229      | PHOTON SUNBEAM PRIVATE LIMITED             | Solar Thermal / SPV | 12222.6  | Several review meetings have been conducted with the borrower and IREDA had issued notice to the company on 24.07.2021 to clear the pending dues. In case of no positive outcome, further action will be initiated.                                                   | 2020-21   |
| 7. | 2101      | RISHABH RENERGY PRIVATE LIMITED            | Solar Thermal / SPV |  3205.2  | IREDA had restructured the account and approved the change of management on 26.06.2021. The company had cleared all the                                                                                                                                               | 2020-21   |

|            | 2101-C1       | RISHABH RENERGY PRIVATE LIMITED           | Solar Thermal / SPV   | 520.60                       | dues upto 30.06.2021.                                                                                                                                                                       | 2020-21                                         |
|------------|---------------|-------------------------------------------|-----------------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
| 8.         | 1756          | SHALIVAHANA PROJECTS LTD.                 | Biomass Power         | 408.12                       | Decision to file a case in Hon'ble National Company Law Tribunal (NCLT) already taken and same is under process of filing application in NCLT.                                              | 2020-21                                         |
|            | 1756NC EF     | SHALIVAHANA PROJECTS LTD.                 | Biomass Power         | 209.77                       | Decision to file a case in Hon'ble National Company Law Tribunal (NCLT) already taken and same is under process of filing application in NCLT.                                              | 2020-21                                         |
| 9.         | 1912          | SHREE BASAVESHWAR SUGARS LTD.             | Co- generati on       | 8771.17                      | Account is being recalled and if the Borrower fails to repay with in time, decision to file a case in Hon'ble National Company Law Tribunal (NCLT) already taken and same is under process. | 2020-21                                         |
| 10.        | 2124          | VAAYU INDIA POWER CORPORATION             | Wind                  | 9148.68                      | Several review meetings have been conducted with the borrower and the company is in process of clearing the pending dues. Otherwise further legal action will be taken.                     | 2020-21                                         |
| 11.        | 2336          | ZR RENEWABLE ENERGY PRIVATE LIMITED       | Wind                  | 7675.53                      | The company had filed petition in Hon'ble High Court of Andhra Pradesh for not declaring the account as Non-Performing                                                                      | 2020-21                                         |
| 11.        | 2336-1        | ZR RENEWABLE ENERGY PRIVATE LIMITED       | Wind                  | 564.00                       | Assets (NPA) due to tariff issue with AP DISCOM on the basis of similar cases where stay has been granted. The matter is sub-judice.                                                        | 2020-21                                         |
| 11.        | 2336-1D       | ZR RENEWABLE ENERGY PRIVATE LIMITED       | Wind                  | 27.00                        | Assets (NPA) due to tariff issue with AP DISCOM on the basis of similar cases where stay has been granted. The matter is sub-judice.                                                        | 2020-21                                         |
| 11.        | 2336-D        | ZR RENEWABLE ENERGY PRIVATE LIMITED       | Wind                  | 438.69                       | Assets (NPA) due to tariff issue with AP DISCOM on the basis of similar cases where stay has been granted. The matter is sub-judice.                                                        | 2020-21                                         |
| FY 2019-20 | FY 2019-20    | FY 2019-20                                | FY 2019-20            | FY 2019-20                   | FY 2019-20                                                                                                                                                                                  | FY 2019-20                                      |
| S. No.     | Borrower Code | Name of the Borrower Company/Account Name | Sector                | Loan Outstanding (Rs. Lakhs) | Action Taken so far                                                                                                                                                                         | Financial Year in which account was downgrade d |

|   1. | 2128      | CAMBRIDGE ENERGY RESOURCES (P) LTD   | Solar Thermal / SPV   |   2727.50 | Application for initiation of Corporate Insolvency Resolution Process has been admitted by Hon'ble National Company Law Tribunal and Committee of Creditors (CoC) meetings are going on.   | 2019-20   |
|------|-----------|--------------------------------------|-----------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|    2 | 1967      | GANGAKHED SUGAR AND ENERGY LTD       | Co- generati on       |   5107.95 | Application for initiation of Corporate Insolvency Resolution Process has been admitted by Hon'ble National Company Law Tribunal and Committee of Creditors (CoC) meetings are going on.   | 2019-20   |
|    3 | 1397      | GILL POWER GENERATION CO. PVT. LTD.  | Small Hydro           |    836.63 | Several review meetings have been conducted with the borrower and no conclusion has been                                                                                                   | 2019-20   |
|    3 | 1397-1    | GILL POWER GENERATION CO. PVT. LTD.  | Small Hydro           |    600    | reached for regularizing the account. Hence, IREDA is in process of initiating legal action                                                                                                | 2019-20   |
|    3 | 1397NC EF | GILL POWER GENERATION CO. PVT. LTD.  | Small Hydro           |    372.59 | against the company.                                                                                                                                                                       | 2019-20   |
|    4 | 2114      | MAHIDAD WIND ENERGY PVT LTD          | Wind                  |   6941    | Application for resolving the IL&FS has been admitted by Hon'ble National Company Law Appellate Tribunal and Committee of Creditors (CoC) meetings are going on.                           | 2019-20   |
|    5 | 2013      | NARAINGARH SUGAR MILLS LTD           | Co- generati on       |   9967.49 | Decision to file a case in Hon'ble National Company Law Tribunal (NCLT) already taken and same is under process for filing application in Hon'ble NCLT.                                    | 2019-20   |
|    6 | 2186      | NAWANSHAHR POWER PRIVATE LIMITED     | Co- generati on       |   4873.85 | The account has been Rescheduled on 21.01.2021. The company is paying dues as per rescheduled agreement.                                                                                   | 2019-20   |
|    7 | 2293      | RISHABH BUILDWELL PRIVATE LIMITED    | Solar Thermal / SPV   |   6146.02 | IREDA had restructured the account and approved the change of management on 26.06.2021. The company had cleared all the dues upto 30.06.2021.                                              | 2019-20   |
|    8 | 1914      | SHRI CHAMUNDESWA RI SUGARS LTD       | Co- generati on       |   7600    | Several review meetings have been conducted with the borrower and time upto 31.12.2021 has                                                                                                 | 2019-20   |
|    8 | 1914-1    | SHRI CHAMUNDESWA RI SUGARS LTD       | Co- generati on       |    665    | been given to the company for stabilization of the project and thereafter submission of                                                                                                    | 2019-20   |
|    9 | 1953      | SHRI CHAMUNDESWA                     | Energy Efficien       |    953.54 | resolution plan to be examined, as the plant was commissioned in                                                                                                                           | 2019-20   |

|            |               | RI SUGARS LTD                             | cy              |                              | January 2021 only and no sufficient actual generation data is available. In case of no positive outcome, further action will be initiated.                                                                                                                                                                                                                                   |                                                 |
|------------|---------------|-------------------------------------------|-----------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
| 10.        | 2094          | SIDDHANATH SUGAR MILLS LTD.               | Co- generati on | 3069.70                      | IREDA had rescheduled the account on 01.12.2020. The company is paying the dues.                                                                                                                                                                                                                                                                                             | 2019-20                                         |
| 11.        | 2169          | VAAYU ENERGY LIMITED                      | Others          | 8200.00                      | Several review meetings have been conducted with the borrower and since, the project is under implementation, company is in process of submitting resolution plan to regularize the account, failing which further action will be initiated.                                                                                                                                 | 2019-20                                         |
| 12.        | 2329          | WARORA KURNOOL TRANSMISSION LIMITED       | Transmi ssion   | 8339.00                      | IREDA along with other lenders has approved the change in ownership of the company to M/s. Adani Transmission Limited (ATL). The change of management has been successfully completed and Rs. 49.01 Crore received by IREDA on 23.04.2021. For remaining amount, legal action is being initiated by way of filing case in Debts Recovery Tribunals (DRT) with other lenders. | 2019-20                                         |
| FY 2018-19 | FY 2018-19    | FY 2018-19                                | FY 2018-19      | FY 2018-19                   | FY 2018-19                                                                                                                                                                                                                                                                                                                                                                   | FY 2018-19                                      |
| S. No .    | Borrower Code | Name of the Borrower Company/Account Name | Sector          | Loan Outstanding (Rs. Lakhs) | Action Taken so far                                                                                                                                                                                                                                                                                                                                                          | Financial Year in which account was downgrade d |
| 1.         | 1921          | DHARANI SUGARS& CHEMICALS LIMITED         | Co- generati on | 4424.96                      | Action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI)                                                                                                                                                                                                                                                            | 2018-19                                         |
| 2.         | 2030          | DHARANI SUGARS& CHEMICALS LIMITED         | Co- generati on | 1351.99                      | already initiated. Further, an Application in Hon'ble National Company Law Tribunal (NCLT) is also filed.                                                                                                                                                                                                                                                                    | 2018-19                                         |
| 3.         | 1915          | MANALI SUGARS LTD                         | Co- generati on | 2679.00                      | Case filed in Debt Recovery Tribunal (DRT). Application for initiation of Corporate Insolvency                                                                                                                                                                                                                                                                               | 2018-19                                         |

|    |        |                                                  |                     |          | Resolution Process has been admitted by Hon'ble National Company Law Tribunal and Committee of Creditors (CoC) meetings are going on.                                                                                                                                                                                                                                                                                                                                                                                                                                             |         |
|----|--------|--------------------------------------------------|---------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 4. | 0023ST | SUZLON ENERGY LIMITED                            | Others              | 13090.4  | Full amount is received and account is closed as on date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2018-19 |
| 5. | 1956   | TAXUS INFRASTRUCTUR E AND POWER PROJECTS PVT LTD | Solar Thermal / SPV |  3246.18 | Application for initiation of Corporate Insolvency Resolution Process has been filed in Hon'ble National Company Law Tribunal (NCLT) on 15.06.2021.                                                                                                                                                                                                                                                                                                                                                                                                                               | 2018-19 |
|    | 1956-1 | TAXUS INFRASTRUCTUR E AND POWER PROJECTS PVT LTD | Solar Thermal / SPV |   427.47 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2018-19 |
| 6. | 1954   | VISH WIND INFRASTRUCTUR E LLP                    | Wind                | 13800.5  | Various review meetings have been conducted with the borrower and restructuring proposal has                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2018-19 |
| 7. | 1936   | VISH WIND INFRASTRUCTUR E LLP                    | Wind                |  2844.52 | been submitted by the company. As per IREDA policy and Reserve Bank of India (RBI) circular dated 7th June 2019, external rating is under process and restructuring loan accounts is expected to be in place shortly.                                                                                                                                                                                                                                                                                                                                                             | 2018-19 |
| 8. | 1655   | IND-BARATH ENERGIES LTD.                         | Biomass Power       |   178.13 | DRT Case filed in Hon'ble Debt Recovery Tribunal (DRT) and regular hearings are going on. The Borrower has filed the suit to declare that it is entitled for the interest subsidy granted by Ministry of New and Renewable Energy vide its letter dated 19.01.2007 and, both IREDA and MNRE are liable to withdraw all the proceedings initiated for recalling the interest subsidy and other amounts and letter dated 15.09.2010 issued by IREDA to be illegal and inoperative in the eyes of law. The matter is pending before the Patiala Court, Delhi and is being contested. | 2018-19 |