Manoj Kumar, Proprietor of M/s Volunteer Associates, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sarv Awas Housing Bhiwadi Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for construction material and security services provided. The corporate debtor acknowledged the debt but cited poor financial condition due to decreased real estate demand as the reason for non-payment. The operational creditor and corporate debtor had business relations since March 2016. The operational creditor was engaged in the construction of flats at the site of the corporate debtor in Bhiwadi and was also supplying the security guards

Manoj Kumar, Proprietor of M/s Volunteer Associates, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sarv Awas Housing Bhiwadi Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for construction material and security services provided. The corporate debtor acknowledged the debt but cited poor financial condition due to decreased real estate demand as the reason for non-payment. The operational creditor and corporate debtor had business relations since March 2016. The operational creditor was engaged in the construction of flats at the site of the corporate debtor in Bhiwadi and was also supplying the security guards