Pheonix Industries 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 PR Castalloys Private Limited, the Corporate Debtor, for a resolution of operational debt amounting to Rs. 41,67,154. The debt arose from the supply of Aluminium Alloys by the Petitioner to the Respondent between July and August 2019. The Respondent issued four cheques amounting to Rs. 40,02,474 for repayment, which were dishonoured due to insufficient funds. The Petitioner issued a demand notice on 02.01.2020, which the Respondent received on 07.01.2020, but failed to reply or pay the outstanding amount.
Pheonix Industries Limited (Operational Creditor) supplied Aluminium Alloys to PR Castalloys Private Limited (Corporate Debtor) between July and August 2019. The total value of the goods supplied was Rs. 40,02,474. The Corporate Debtor issued four cheques for the same amount, which were dishonoured due to insufficient funds. The Operational Creditor issued a demand notice on 02.01.2020, which was received by the Corporate Debtor on 07.01.2020. The Corporate Debtor made a partial payment of Rs. 50,000 on 23.10.2019. The Operational Creditor claimed an outstanding amount of Rs. 41,67,154, which includes interest at 15% per annum. The Corporate Debtor denied the debt and claimed to have made a payment of Rs. 9,00,000, which was not disclosed by the Operational Creditor.
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Pheonix Industries 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 PR Castalloys Private Limited, the Corporate Debtor, for a resolution of operational debt amounting to Rs. 41,67,154. The debt arose from the supply of Aluminium Alloys by the Petitioner to the Respondent between July and August 2019. The Respondent issued four cheques amounting to Rs. 40,02,474 for repayment, which were dishonoured due to insufficient funds. The Petitioner issued a demand notice on 02.01.2020, which the Respondent received on 07.01.2020, but failed to reply or pay the outstanding amount.
Pheonix Industries Limited (Operational Creditor) supplied Aluminium Alloys to PR Castalloys Private Limited (Corporate Debtor) between July and August 2019. The total value of the goods supplied was Rs. 40,02,474. The Corporate Debtor issued four cheques for the same amount, which were dishonoured due to insufficient funds. The Operational Creditor issued a demand notice on 02.01.2020, which was received by the Corporate Debtor on 07.01.2020. The Corporate Debtor made a partial payment of Rs. 50,000 on 23.10.2019. The Operational Creditor claimed an outstanding amount of Rs. 41,67,154, which includes interest at 15% per annum. The Corporate Debtor denied the debt and claimed to have made a payment of Rs. 9,00,000, which was not disclosed by the Operational Creditor.
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The Petitioner supplied…