Shreeji Translogistics Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nexus Electro Steel Limited, the Corporate Debtor. The basis for the application was the Corporate Debtor's alleged default in paying a principal amount of Rs. 56,78,308/- and interest of Rs. 35,15,068/-, totaling Rs. 91,93,376/- as of August 2, 2019. The Adjudicating Authority noted that CIRP had already been initiated against the same Corporate Debtor in IBA/377/2020.

Shreeji Translogistics Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nexus Electro Steel Limited, the Corporate Debtor. The basis for the application was the Corporate Debtor's alleged default in paying a principal amount of Rs. 56,78,308/- and interest of Rs. 35,15,068/-, totaling Rs. 91,93,376/- as of August 2, 2019. The Adjudicating Authority noted that CIRP had already been initiated against the same Corporate Debtor in IBA/377/2020.