Prabhat Steel Traders Private Limited, the operational creditor, filed a petition in Form No. 1 on January 10, 2019, under section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Sai Steel Industries India Private Limited, the corporate debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) for a total debt of Rs. 5,97,09,566/-, which included a principal amount of Rs. 2,05,28,636.00 and interest of Rs. 3,91,80,930.00 at 21% per annum till November 30, 2018, with further interest accruing thereafter.

Prabhat Steel Traders Private Limited, the operational creditor, filed a petition in Form No. 1 on January 10, 2019, under section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Sai Steel Industries India Private Limited, the corporate debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) for a total debt of Rs. 5,97,09,566/-, which included a principal amount of Rs. 2,05,28,636.00 and interest of Rs. 3,91,80,930.00 at 21% per annum till November 30, 2018, with further interest accruing thereafter.