Vrinda Ispat Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its directors, Mr. Om Prakash Singh and Mr. Parmatma Prasad. The corporate applicant admitted to having financial creditors and a total default amount of ₹84,91,92,904/-. The corporate applicant is a guarantor to two principal borrowers, M/s Keshav Sponge and Energy Pvt ltd and Shri Bandrinarain Alloys and Steel Ltd, for credit facilities sanctioned by a consortium of lenders. The principal borrowers and guarantors failed to make payments, leading to their accounts being classified as NPA. Notices were issued under Section 13(2) of the SARFAESI

Vrinda Ispat Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its directors, Mr. Om Prakash Singh and Mr. Parmatma Prasad. The corporate applicant admitted to having financial creditors and a total default amount of ₹84,91,92,904/-. The corporate applicant is a guarantor to two principal borrowers, M/s Keshav Sponge and Energy Pvt ltd and Shri Bandrinarain Alloys and Steel Ltd, for credit facilities sanctioned by a consortium of lenders. The principal borrowers and guarantors failed to make payments, leading to their accounts being classified as NPA. Notices were issued under Section 13(2) of the SARFAESI