Mr. Vikas Maheshwari, proprietor of M/s. Vikas Trading Company, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Sanwariya Furnaces Pvt. Ltd. The applicant, an operational creditor, claimed that the corporate debtor defaulted on payments for iron scrap sold through various invoices, amounting to Rs. 1,84,85,231/-, including interest at 18% per annum. The principal amount due was Rs. 1,56,65,450/-. A demand notice was issued on 2021-01-29 under Section 8 of the Code. The corporate debtor acknowledged the debt in its reply dated 2022-05-09 but cited financial difficulties due to the pandemic and requested an extension of time to repay. The date of default was 2021-09-13.

Mr. Vikas Maheshwari, proprietor of M/s. Vikas Trading Company, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Sanwariya Furnaces Pvt. Ltd. The applicant, an operational creditor, claimed that the corporate debtor defaulted on payments for iron scrap sold through various invoices, amounting to Rs. 1,84,85,231/-, including interest at 18% per annum. The principal amount due was Rs. 1,56,65,450/-. A demand notice was issued on 2021-01-29 under Section 8 of the Code. The corporate debtor acknowledged the debt in its reply dated 2022-05-09 but cited financial difficulties due to the pandemic and requested an extension of time to repay. The date of default was 2021-09-13.