The case originates from a petition filed by Sunland Alloys, an operational creditor, against Castall Technologies Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Sunland Alloys claimed that Castall Technologies defaulted on payments for supplied aluminum alloy ingots. The operational creditor alleged that an aggregate amount of Rs. 1,94,46,090/- was due and payable as of 26.06.2021. The corporate debtor, while not disputing the debt, cited COVID-19 and other circumstances for its business downfall and disputed the 18% interest rate. The operational creditor contended that the corporate debtor never replied to the demand notice.
Sunland Alloys, an operational creditor and a partnership firm registered under the Indian Partnership Act, 1932, supplied aluminum alloy ingots to Castall Technologies Pvt Ltd, the corporate debtor. Castall Technologies, engaged in the production of high-precision non-ferrous die castings and CNC machine parts, defaulted on payments for these supplies. The operational creditor claimed that an aggregate amount of Rs. 1,94,46,090/- was due and payable as of 26.06.2021, including a principal amount of Rs. 1,44,67,983/- and interest at 18% per annum amounting to Rs. 49,78,107/-. The corporate debtor acknowledged business dealings with the operational creditor from 20.02.2014, with a total purchase value of Rs. 22,90,92,416/-, but cited COVID-19 and market conditions as
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Business dealings…
Operational Creditor issued a statutory Demand…
The case originates from a petition filed by Sunland Alloys, an operational creditor, against Castall Technologies Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Sunland Alloys claimed that Castall Technologies defaulted on payments for supplied aluminum alloy ingots. The operational creditor alleged that an aggregate amount of Rs. 1,94,46,090/- was due and payable as of 26.06.2021. The corporate debtor, while not disputing the debt, cited COVID-19 and other circumstances for its business downfall and disputed the 18% interest rate. The operational creditor contended that the corporate debtor never replied to the demand notice.
Sunland Alloys, an operational creditor and a partnership firm registered under the Indian Partnership Act, 1932, supplied aluminum alloy ingots to Castall Technologies Pvt Ltd, the corporate debtor. Castall Technologies, engaged in the production of high-precision non-ferrous die castings and CNC machine parts, defaulted on payments for these supplies. The operational creditor claimed that an aggregate amount of Rs. 1,94,46,090/- was due and payable as of 26.06.2021, including a principal amount of Rs. 1,44,67,983/- and interest at 18% per annum amounting to Rs. 49,78,107/-. The corporate debtor acknowledged business dealings with the operational creditor from 20.02.2014, with a total purchase value of Rs. 22,90,92,416/-, but cited COVID-19 and market conditions as
…Business dealings…
Operational Creditor issued a statutory Demand…