**Jiya Eco-Products Limited** is an Indian manufacturer and trader specializing in the production of **bio-fuels** derived from agricultural waste. After a period of severe financial distress that led to a total suspension of operations on **May 19, 2021**, the company entered the **Corporate Insolvency Resolution Process (CIRP)** on **April 24, 2023**. Following an **NCLT order dated December 11, 2024**, the company is currently undergoing a comprehensive business revival and financial restructuring under new management. --- ### **Core Product Portfolio & Market Application** The company operates within the **Agricultural Products** segment, converting biomass and agricultural waste into value-added energy products. These products serve as cost-effective, environmentally benign alternatives to traditional fossil fuels such as **diesel, LDO, kerosene, coal, and lignite**. * **Bio-Briquettes:** The company’s foundational product line, used primarily as a substitute for coal in industrial boilers. * **Bio-Pellets:** A diversified, high-density product line added to increase scalability and cater to sophisticated industrial energy needs. * **Plastic Trading:** Supplemental revenue is generated through the trading of **plastic-related items**. * **Market Context:** Bio-fuel manufacturing is a relatively new concept in India. While it offers a sustainable alternative, the market remains less defined than conventional fuel sectors and is highly sensitive to **Government road transport policies** and technological shifts. --- ### **Operational Infrastructure & Asset Base** The company’s manufacturing capabilities are centered in Gujarat. While operations were suspended during the insolvency period, the physical infrastructure remains the core of the revival plan. | Asset Type | Location | Details/Status | | :--- | :--- | :--- | | **Manufacturing Unit** | Navagam, Bhavnagar | **ISO 9001:2008** certified; primary bio-fuel facility. | | **Installed Capacity** | Navagam Unit | Approximately **31,000 tonnes** per annum. | | **Real Estate Assets** | Surat & Ahmedabad | Includes an unoccupied shop in Surat and an unoccupied flat in Ahmedabad. | | **Subsidiaries** | Jiya Eco India Ltd & Jiya Eco (Gandhidham) Pvt Ltd | Wholly owned; Jiya Eco India Ltd is highly dependent on parent production. | --- ### **The NCLT Resolution Plan & Ownership Transition** A Resolution Plan submitted by **Mr. Pradeep Kisan Khandagale** (Chairman and MD of Univastu India Ltd) was approved to restore long-term viability. This plan involves a "clean slate" approach to the company's balance sheet and management. * **Management Reconstitution:** The previous Board was suspended during CIRP. A new Board was formed in **May 2025**, with **Mr. Pradeep Kisan Khandagale** serving as Whole-time Director. * **Implementation Oversight:** An **Implementation and Monitoring Committee** (comprising a financial creditor nominee, the Resolution Applicant, and the Resolution Professional) oversees day-to-day activities for up to **365 days** post-approval. * **Strategic Pivot:** The new management intends to explore **organic farming** and broader **biomass products** to diversify the revenue base. * **Resource Mobilization:** The plan includes the recruitment of specialized technical personnel and the potential retention of former staff following capability reassessments. --- ### **Capital Restructuring & Shareholder Impact** To address the financial crisis, the company implemented a drastic capital reduction and consolidation on the record date of **July 4, 2025**. * **Equity Extinguishment:** **100%** of the existing **3,0,73,262** equity shares (Face Value **₹10**) were cancelled. * **Consolidation:** Remaining equity was consolidated at a ratio of **10:1** (**10** shares of **₹10** became **1** share of **₹100**). * **New Ownership Structure:** * **Resolution Applicant (Promoter):** Holds **95%** (**1,01,000** shares) following a **₹1.01 Crore** infusion. * **Public Shareholders:** Retain **5%** (**5,314** shares) to maintain listing compliance. * **Authorized Capital:** Revised to **₹32,00,00,000** (divided into **32,00,000** shares of **₹100** each). --- ### **Financial Position & Debt Settlement** The company’s historical financial performance was marred by a sharp revenue decline—from **₹213.26 Crores** in FY2019 to **₹83.55 Crores** in FY2020—largely due to **₹75.67 Crores** in sales returns of "substandard" pellets. **Solvency Metrics (as of March 31, 2025):** | Particulars | Value (₹ Thousands) | | :--- | :--- | | **Borrowings** | **218,572.98** | | **Cash & Cash Equivalents** | **90.32** | | **Net Debt** | **218,482.66** | | **Total Equity** | **(185,485.97)** | | **Gearing Ratio** | **-117.79%** | **Creditor Settlement Terms:** The Resolution Applicant committed a total of **₹4.91 Crore** to settle claims totaling **₹16.84 Crores**. * **Secured Financial Creditors:** (e.g., **State Bank of India**, **Rajradhe Finance**) received a **26.01%** recovery. * **Unsecured/Operational Creditors:** Received a **1%** recovery. * **CIRP Costs:** Estimated at **₹45 Lakhs**, paid in priority. --- ### **Critical Risk Factors & Audit Disclaimers** Despite the approved revival plan, the company faces significant hurdles as of **February 2026**: * **Going Concern Uncertainty:** Statutory auditors continue to issue a **Disclaimer of Opinion**, citing material uncertainty regarding the company's ability to function as a going concern. * **Documentation Gaps:** There is a pervasive lack of documentation, including the absence of a **Fixed Assets Register**, loan agreements, and verified **MSME creditor** bifurcations. * **Compliance Failures:** * The company has been declared a **wilful defaulter** by certain lenders. * Trading is currently **suspended on the BSE** due to non-payment of Annual Listing Fees. * Failure to appoint a **CFO** and **Company Secretary** within statutory timelines. * **Asset Impairment:** No formal impairment testing has been conducted on **Property, Plant & Equipment** or subsidiary investments since the 2021 suspension. * **Personnel Loss:** The resignation of the entire previous C-suite (CEO, CFO, CS) in 2021 resulted in a collapse of internal controls and record-keeping that the new management is still working to rectify.