P.R Rolling Mills Private Limited (Operational Creditor) supplied goods ('Flat C-45') to Hema Engineering Industries Limited (Corporate Debtor) starting in June 2019. The initial payment term was 45 days from the invoice date, later extended to 60 days at the Corporate Debtor's request. The Corporate Debtor initially made regular payments via cheques and RTGS, adjusted using the FIFO method. However, payments were delayed and eventually stopped for invoices from 28.09.2019 to 28.11.2019, totaling Rs. 4,73,33,795/-. Some issued cheques bounced. The Operational Creditor issued a demand notice on 12.02.2020, claiming the amount, but received no reply. The Corporate Debtor claimed a genuine dispute and solvency, arguing that insolvency proceedings would harm its business.

P.R Rolling Mills Private Limited (Operational Creditor) supplied goods ('Flat C-45') to Hema Engineering Industries Limited (Corporate Debtor) starting in June 2019. The initial payment term was 45 days from the invoice date, later extended to 60 days at the Corporate Debtor's request. The Corporate Debtor initially made regular payments via cheques and RTGS, adjusted using the FIFO method. However, payments were delayed and eventually stopped for invoices from 28.09.2019 to 28.11.2019, totaling Rs. 4,73,33,795/-. Some issued cheques bounced. The Operational Creditor issued a demand notice on 12.02.2020, claiming the amount, but received no reply. The Corporate Debtor claimed a genuine dispute and solvency, arguing that insolvency proceedings would harm its business.