Precise Alloys Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mahalaxmi Fasteners Private Limited, the Corporate Debtor, due to an outstanding operational debt of Rs. 1,75,68,734, which includes Rs. 1,52,44,029 towards principal and Rs. 23,24,705 as interest. The Operational Creditor supplied A S Wires to the Corporate Debtor between 29.10.2018 and 14.04.2021, and issued sales invoices. The Corporate Debtor acknowledged the receipts of invoices on 30.03.2021 and agreed on 13.12.2020 to pay the entire outstanding amount. However, the Corporate Debtor failed to make the payment, leading the Operational Creditor to

Precise Alloys Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mahalaxmi Fasteners Private Limited, the Corporate Debtor, due to an outstanding operational debt of Rs. 1,75,68,734, which includes Rs. 1,52,44,029 towards principal and Rs. 23,24,705 as interest. The Operational Creditor supplied A S Wires to the Corporate Debtor between 29.10.2018 and 14.04.2021, and issued sales invoices. The Corporate Debtor acknowledged the receipts of invoices on 30.03.2021 and agreed on 13.12.2020 to pay the entire outstanding amount. However, the Corporate Debtor failed to make the payment, leading the Operational Creditor to