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 Pheonix Industries to PR Castalloys between July and August 2019. PR Castalloys allegedly failed to make full payment despite issuing cheques that were later dishonored due to insufficient funds. Pheonix Industries served demand notices, but PR Castalloys did not respond or make the outstanding payment, leading to the filing of the petition.
Pheonix Industries Limited (Operational Creditor) supplied Aluminium Alloys to PR Castalloys Private Limited (Corporate Debtor) between July and August 2019, amounting to Rs. 40,02,474. PR Castalloys issued four cheques for Rs. 40,02,474 towards repayment, but these cheques were dishonored due to 'Funds Insufficient'. Pheonix Industries sent demand notices to PR Castalloys, seeking payment of Rs. 41,67,154, which included interest at 15% p.a. PR Castalloys made a partial payment of Rs. 50,000 on 23.10.2019. PR Castalloys denied the debt and claimed to have made a payment of Rs. 9,00,000, which was not supported by bank transfer records. Pheonix Industries initiated proceedings under Section 138 of the Negotiable Instruments Act, 1881, due to the dishonored cheques. The
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Pheonix Industries supplied Aluminium Alloys…
The period of supply of Aluminium Alloys…
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 Pheonix Industries to PR Castalloys between July and August 2019. PR Castalloys allegedly failed to make full payment despite issuing cheques that were later dishonored due to insufficient funds. Pheonix Industries served demand notices, but PR Castalloys did not respond or make the outstanding payment, leading to the filing of the petition.
Pheonix Industries Limited (Operational Creditor) supplied Aluminium Alloys to PR Castalloys Private Limited (Corporate Debtor) between July and August 2019, amounting to Rs. 40,02,474. PR Castalloys issued four cheques for Rs. 40,02,474 towards repayment, but these cheques were dishonored due to 'Funds Insufficient'. Pheonix Industries sent demand notices to PR Castalloys, seeking payment of Rs. 41,67,154, which included interest at 15% p.a. PR Castalloys made a partial payment of Rs. 50,000 on 23.10.2019. PR Castalloys denied the debt and claimed to have made a payment of Rs. 9,00,000, which was not supported by bank transfer records. Pheonix Industries initiated proceedings under Section 138 of the Negotiable Instruments Act, 1881, due to the dishonored cheques. The
…Pheonix Industries supplied Aluminium Alloys…
The period of supply of Aluminium Alloys…