We wish to inform you that the Hon''ble National Company Law Tribunal, Cuttack Bench, vide its Order dated 05/08/2026, has dismissed the application filed under Section 7 of the Insolvency ....

NOVA CIN : LOZ710CTIS8SPLC010052 GST : 22AAACNO407F1ZA IRON & STEEL LTD. Regd. Office : Bilha Road, Dagori, Tahsil ~ Bilha, Distt. ~ Bilaspur, 495224 (C.G.) Mob. 9109107310 Email : novaironsteel@gmail.com ONLINE PORTAL Ref: NISL/Listing/2026-27 Dated 12.08.2026 The Secretary Bombay Stock Exchange Limited Phiroz Jeejeebhoy Towers, 25" Floor, Dalal Street, Mumbai - 400001 Subject: Material Events - Dismissal of Application filed against the Company under Section 7 of the IBC, 2016 Ref.: Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that the Hon’ble National Company Law Tribunal, Cuttack Bench, vide its Order dated 05/08/2026, has dismissed the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Bhushan Power and Steel Limited against Nova Iron and Steel Limited, bearing CP (IB) No. 34/CB/2024. A copy of the said Order dated 05/08/2026 is enclosed herewith for your information and record.. Thanking you Yours faithfully For Nova Iron and Steel Limited (Dheeraj Kumar) Company Secretary Encl: a/a NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH cP (IB) No. 34/CBl2o24 (Under Section 7 of the Insoluency and Bankruptcg Code,20l6 r/u.t Rule 4 of tlrc Insoluency and Bankruptcy (Application to Adjudicating Authority ) Rules, 2 0 1 6) In the Matter of: Bnusneu Powpn & Srppl Lrp" Having Its Registered Office At: 4th Floor, A-2, Nth Complex, Shaheed Jeet Singh Marg, Uso Road, Qutab Institutional Area, New Delhi -110067 Applicant/ F'inancial Creditor ".. "." Versus Nova Inon & Srppl Lro" Having Its Registered Office At: Village - Dagori, Tehsil - Belha, Bilaspur, Chhattisgarh - 495224 ;X"' ;;,i,"1"""" ::H:T. Conau: CHppxetr Rapna KRrsuua, Meuron(Jf BenwaRr Lal Mppla, Meunen(T! Apppenancp: Foe Appr,rcANT: Mn" R.eruANKo BarpRupp, SeuroR Apv. IVIn. Sarva S*rRurr MoHautv, Aov. Mn. HlnneNSHU Guera, Apv" Mn. Saswar Kuryren Acnanve, Anv Mn. Roner S. NaroY, ADv. Ms. Gvaurrpp Navex, Aov. Fon RoSpoNDENT: Dn" U.x. CnoupnuRy, Seuron Apv. Mn. SaHasRANsu Sounav, Aov cP (IBlNo,34lCBl2a24 NCLT Cuttack Bench OR.DER. PER: BANWARI LAL MEENA. MEMBER ITECHNICALI The instant application has been filed by Bhushan Power & Steel Limited (hereinafter referred to as the "Applicant/Financial Creditor") under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "Code") read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the "AdJudicating Authority Rules") seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") against Nova lron & Steel Limited (hereinafter referred to as the "Respondent/Corporate Debtor") in respect of a financial debt arising out of the Unsecured Loan Agreement dated 2O,O7"2OLL. The Applicant has claimed a default amount of Rs.3O6r52,18r1O9/- (Rupees Three Hundred Six Crores Fifty-Two Lakhs Eighteen Thousand One Hundred and Nine only), comprising principal outstanding of Rs.125,8318819461- and interest amounting to Rs.18O,58r29rL63l- as on OL.O2"2O24. It has further been stated that, in terms of the Loan Agreement, the Applicant is also entitled to recover penal interest at the rate of Lo/o per annum from the date of default till the date of actual payment. The Applicant has averred that the Corporate Debtor committed default upon its failure to honour the repayment demands made under the notices dated L8,O2.2O2O, LL.O3.2O2O and 26.O4,2021, the last default having arisen pursuant to the notice dated 26.o,4.2021, despite repeated demands for repayment. B. The averments made by the F'inancial Creditor/Applicant ln its application and as argued by the learned counsel are summarlzed, as under: Page 2 of 81 "',,["ltf#.?"Jfffl- The Applicant, Bhushan Power & Steel Limited, is a company incorporated under the provisions of the Companies Act and is a E'lnancial Creditor within the meaning of Section 5(7) of the Insolvency and Bankruptcy Code, 20L6. The Respondent, Nova lron & Steel Limited, is a company incorporated under the provisions of the Companies Act and is the Corporate Debtor within the meaning of Section 3(8) of the Code. b. The Applicant submitted that the Corporate Debtor had approached it seeking financial assistance to meet its business and operational requirements. Pursuant thereto, the parties entered into an Unsecured Loan Agreement dated 2O.O7.2O11, whereby the Applicant agreed to extend financial assistance to the Corporate Debtor by way of unsecured loans. In terms of the said Loan Agreement, the Applicant advanced an aggregate sum of Rs.153r57rl9r5.29l - (Rupees One Hundred Fifty-Three Crores Fifty-Seven Lakhs Nineteen Thousand Five Hundred and lbenty-Nine only) to the Corporate Debtor. c" It is stated that, pursuant to the Loan Agreement, the Applicant initially disbursed a sum of Rs.69,85,OO,OOOl- to the Corporate Debtor on 3O"O7.2C11. Thereafter, during the Financial Year 2Ot4-2O15, the Applicant advanced a further sum of Rs.83r72rL9r529l- to the Corporate Debtor in accordance with the terms of the Loan Agreement. The Applicant has relied upon the relevant bank statements evidencing the aforesaid disbursements. d. The Applicant further submitted that under Clause 7 of the Loan Agreement, the loan amount together with the agreed interest became repayable on demand upon issuance of a notice of repayment by the Applicant. In accordance with the contractual terms, the Applicant issued repayment notices Page 3 of 81 "i,E"3l,tT,?"?'J3fff dated L8,O2,2O2O, !!,O9.2O2O, and 26,O4,2O2L, calling upon the Corporate Debtor to repay the outstanding dues. However, despite receipt of the said notices, the Corporate Debtor failed and neglected to discharge its repayment obligations, thereby committing default under the Loan Agreement. €" It is further averred that the Applicant thereafter issued a legal notice dated O2.Oa.2O23 through its counsel demanding payment of the outstanding dues. Despite service of the said legal notice, the Corporate Debtor failed to liquidate the outstanding liability. Although the Corporate Debtor issued replies dated 18.O3.2O2O, 22.O5"2O2t, L7"O8.2O23, and 3O.O8.2O23, the Applicant contends that the replies iid not disclose any valid or legally sustainable defence against repayment and, on the contrary, acknowledged the existence of the Loan Agreement while raising baseless and untenable assertions" f. The Applicant has claimed that, as on OL.O2.2O24, a sum of Rs.3O6r52rL8rlO9l- (Rupees Three Hundred Six Crores Fifty-Trvo lakhs Eighteen Thousand One Hundred and Nine only) was due and payable by the Corporate Debtor, comprising principal outstanding of Rs.125183188,9461 - and interest of Rs.180,68,29,1631-. It is further contended that, under the terms of the Loan Agreement, the Applicant is also entitled to penal interest at the rate of 17o from the date of default until realization of the outstanding dues" g. The Applicant has further pleaded that the present application is well within the period of limitation. It is submitted that the last demand notice was issued on 26.o,4.2021, pursuant to which the Corporate Debtor failed to repay the outstanding amount, giving rise to the cause of action. The Applicant has also relied upon the orders passed n\ =-:- Page4of8l "i,EIl,tii,?"?'J3f"T by the Hon'ble Supreme Court extending the period of limitation on account of the COVID-l9 pandemic, whereby the period from 15.O3.2O2O to 28,012.2022 stood excluded for the purposes of computation of limitation. Accordingly, the Applicant contends that the present application has been filed within the prescribed period of limitation. The Applicant has placed on record the Loan Agreement, bank statements evidencing disbursement of the loan amounts, computation of the outsta [Showing first 8,000 characters — download PDF for full document]