State Bank of India (SBI), acting as the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Simplex Projects Limited, the Corporate Debtor. The petition was filed on January 10, 2019, alleging a default of Rs. 228,52,57,339.81/-, including interest as of December 31, 2018, with the date of default stated as September 30, 2016.

State Bank of India (SBI), acting as the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Simplex Projects Limited, the Corporate Debtor. The petition was filed on January 10, 2019, alleging a default of Rs. 228,52,57,339.81/-, including interest as of December 31, 2018, with the date of default stated as September 30, 2016.