Legal14 Apr 2026, 03:49 pm
Bihar Sponge Iron receives IBC demand notice for ₹16.92 Cr
AI Summary
Bihar Sponge Iron Ltd has received a Demand Notice under the Insolvency and Bankruptcy Code, 2016, from M/s Agarwal Coal Corporation Private Limited. The notice pertains to an alleged unpaid operational debt totaling ₹16,91,99,617/-. The company stated that the matter is currently under review and it is in the process of taking legal steps. Bihar Sponge Iron clarified that it has neither acknowledged nor admitted the said claim and has not recognized any liability in respect thereof. This disclosure is made due to the materiality of the amount involved, in compliance with SEBI regulations.
Key Highlights
- Bihar Sponge Iron received an IBC demand notice.
- Claim is for ₹16.92 crore operational debt.
- Notice from Agarwal Coal Corporation Private Limited.
- Company denies claim, taking legal action.
- The matter is currently under review.