Creative Metal Industries (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Chinnar Projects Pvt Ltd. (Corporate Debtor) for non-payment of operational debt amounting to Rs. 19,84,747/-. The Corporate Debtor approached the Petitioner in May 2019 and placed a purchase order on 2019-05-30. The Petitioner supplied goods against the purchase order, issuing tax invoices dated 2019-06-01. The Respondent issued a cheque dated 2019-07-19 for Rs. 15,00,000/-, which was dishonored due to 'Funds Insufficient'. Email correspondences show the Respondent agreed to make payments and offered penalties for delays, including 1% penalty in an email dated 2019-08-23 and 2% interest as penalty later. The Respondent deposited Rs.

Creative Metal Industries (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Chinnar Projects Pvt Ltd. (Corporate Debtor) for non-payment of operational debt amounting to Rs. 19,84,747/-. The Corporate Debtor approached the Petitioner in May 2019 and placed a purchase order on 2019-05-30. The Petitioner supplied goods against the purchase order, issuing tax invoices dated 2019-06-01. The Respondent issued a cheque dated 2019-07-19 for Rs. 15,00,000/-, which was dishonored due to 'Funds Insufficient'. Email correspondences show the Respondent agreed to make payments and offered penalties for delays, including 1% penalty in an email dated 2019-08-23 and 2% interest as penalty later. The Respondent deposited Rs.