SKM Steels Limited filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Phoenix Aluminium Products Private Limited, alleging default in payment. The Corporate Debtor had approached the Petitioner for the purchase of HRPO Coils and Sheet from 21.03.2015 to 17.10.2015, for which invoices were raised amounting to Rs. 30,54,791/-. A prior settlement agreement in CP No. 430 of 2018 was breached when post-dated cheques issued by the Corporate Debtor bounced.
SKM Steels Limited (Petitioner) filed a petition against Phoenix Aluminium Products Private Limited (Corporate Debtor) under Sections 8 & 9 of the IBC, 2016, alleging a default of Rs. 42,70,370/- inclusive of interest at 24% per annum. The Corporate Debtor had approached the Petitioner for the purchase of HRPO Coils and Sheet between 21.03.2015 and 17.10.2015, resulting in invoices totaling Rs. 30,54,791/-. In a prior case (CP No. 430 of 2018), the Corporate Debtor agreed to settle the dues, and a settlement agreement was filed on 16.10.2019. However, the Corporate Debtor breached the settlement agreement by issuing 16 post-dated cheques that were dishonored. The Petitioner issued a Demand Notice on 03.04.2019, but the Corporate Debtor failed to repay the dues or
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SKM Steels Limited filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Phoenix Aluminium Products Private Limited, alleging default in payment. The Corporate Debtor had approached the Petitioner for the purchase of HRPO Coils and Sheet from 21.03.2015 to 17.10.2015, for which invoices were raised amounting to Rs. 30,54,791/-. A prior settlement agreement in CP No. 430 of 2018 was breached when post-dated cheques issued by the Corporate Debtor bounced.
SKM Steels Limited (Petitioner) filed a petition against Phoenix Aluminium Products Private Limited (Corporate Debtor) under Sections 8 & 9 of the IBC, 2016, alleging a default of Rs. 42,70,370/- inclusive of interest at 24% per annum. The Corporate Debtor had approached the Petitioner for the purchase of HRPO Coils and Sheet between 21.03.2015 and 17.10.2015, resulting in invoices totaling Rs. 30,54,791/-. In a prior case (CP No. 430 of 2018), the Corporate Debtor agreed to settle the dues, and a settlement agreement was filed on 16.10.2019. However, the Corporate Debtor breached the settlement agreement by issuing 16 post-dated cheques that were dishonored. The Petitioner issued a Demand Notice on 03.04.2019, but the Corporate Debtor failed to repay the dues or
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Period until which the Corporate Debtor…