Mr. Sanjay S. Jaiswal, proprietor of Trigun Enterprise, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Vivek Steelco Private Limited, the corporate debtor. The operational creditor claimed an outstanding operational debt of Rs. 19,55,076/-, including interest, for the supply of Round Steel Bars and MS steel bars. The corporate debtor acknowledged the debt but cited a temporary financial crisis as the reason for non-payment and requested more time to clear the dues. The NCLT, Ahmedabad Bench, was tasked with determining whether a default had occurred and if the application for Corporate Insolvency Resolution Process (CIRP) should be admitted.

Mr. Sanjay S. Jaiswal, proprietor of Trigun Enterprise, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Vivek Steelco Private Limited, the corporate debtor. The operational creditor claimed an outstanding operational debt of Rs. 19,55,076/-, including interest, for the supply of Round Steel Bars and MS steel bars. The corporate debtor acknowledged the debt but cited a temporary financial crisis as the reason for non-payment and requested more time to clear the dues. The NCLT, Ahmedabad Bench, was tasked with determining whether a default had occurred and if the application for Corporate Insolvency Resolution Process (CIRP) should be admitted.