This is a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Sinometal Resources Inc. (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (CIRP) against Indo Alusys Industries Limited (Corporate Debtor). The Operational Creditor and the Corporate Debtor have had a business relationship since 2015, with the Operational Creditor regularly supplying aluminum billets to the Corporate Debtor. The Corporate Debtor issued a Purchase Order (PO) via email, numbered INDO-02-2018-19, seeking the supply of 279 MT of Aluminum Billet 6063 Alloy, Homogenized, and Duly End Cut in two different sizes. Subsequently, on 02.01.2019, both parties entered into a Sales Contract, numbered 18-P-551, for the supply of 276 MT of
…Sinometal Resources Inc. (Operational Creditor) supplied aluminum billets to Indo Alusys Industries Limited (Corporate Debtor) under a Sales Contract dated 02.01.2019. The Corporate Debtor issued a Purchase Order (PO) via email, numbered INDO-02-2018-19, seeking the supply of 279 MT of Aluminum Billet 6063 Alloy, Homogenized, and Duly End Cut in two different sizes. Two invoices were raised by the Operational Creditor: SR-INV0000257 (dated 31.01.2019, USD 302,829.65) and SR-INV0000383 (dated 11.03.2019, USD 300,228.15). The Corporate Debtor made a 20% advance payment against both invoices but failed to pay the balance amount. The balance amount due was USD 243,489.65 against Invoice 1 (due on 30.05.2019) and USD 240,888.15 against Invoice 2 (due on 28.06.2019). The
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Corporate Debtor issued a Purchase Order…
Both parties entered into a Sales Contract,…
This is a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Sinometal Resources Inc. (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (CIRP) against Indo Alusys Industries Limited (Corporate Debtor). The Operational Creditor and the Corporate Debtor have had a business relationship since 2015, with the Operational Creditor regularly supplying aluminum billets to the Corporate Debtor. The Corporate Debtor issued a Purchase Order (PO) via email, numbered INDO-02-2018-19, seeking the supply of 279 MT of Aluminum Billet 6063 Alloy, Homogenized, and Duly End Cut in two different sizes. Subsequently, on 02.01.2019, both parties entered into a Sales Contract, numbered 18-P-551, for the supply of 276 MT of
…Sinometal Resources Inc. (Operational Creditor) supplied aluminum billets to Indo Alusys Industries Limited (Corporate Debtor) under a Sales Contract dated 02.01.2019. The Corporate Debtor issued a Purchase Order (PO) via email, numbered INDO-02-2018-19, seeking the supply of 279 MT of Aluminum Billet 6063 Alloy, Homogenized, and Duly End Cut in two different sizes. Two invoices were raised by the Operational Creditor: SR-INV0000257 (dated 31.01.2019, USD 302,829.65) and SR-INV0000383 (dated 11.03.2019, USD 300,228.15). The Corporate Debtor made a 20% advance payment against both invoices but failed to pay the balance amount. The balance amount due was USD 243,489.65 against Invoice 1 (due on 30.05.2019) and USD 240,888.15 against Invoice 2 (due on 28.06.2019). The
…Corporate Debtor issued a Purchase Order…
Both parties entered into a Sales Contract,…