M/s Kokila Mining Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Tycoons Industries Pvt. Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged unpaid operational debt of Rs. 11,02,23,056/- for providing heavy mining equipment and services on a contractual basis. The Operational Creditor claimed the debt was acknowledged by the Corporate Debtor through a signed Reconciliation Statement and confirmed by a NeSL Record of Default.
M/s Kokila Mining Private Limited (Operational Creditor) is engaged in providing heavy mining equipment (Tippers and Excavators) on a contractual service basis.
M/s Tycoons Industries Pvt. Ltd. (Corporate Debtor) is engaged in coal mining operations.
In 2022, the Corporate Debtor approached the Operational Creditor for equipment on a lease basis due to operational bottlenecks at its mining sites.
A Work Order (No. CBCMPL/22-23/TIPPER/0010) dated 10.08.2022 was executed between the parties, governing terms for equipment provision.
The Operational Creditor deployed Tippers and Excavators at the Corporate Debtor's mining sites and rendered services.
A second Work Order dated 01.07.2023 was issued, covering the period 01.07.2023 to 20.06.2025, with revised rates.
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The Corporate Debtor approached the…
Viraj Steel and Energy Pvt. Ltd. placed a…
M/s Kokila Mining Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Tycoons Industries Pvt. Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged unpaid operational debt of Rs. 11,02,23,056/- for providing heavy mining equipment and services on a contractual basis. The Operational Creditor claimed the debt was acknowledged by the Corporate Debtor through a signed Reconciliation Statement and confirmed by a NeSL Record of Default.
M/s Kokila Mining Private Limited (Operational Creditor) is engaged in providing heavy mining equipment (Tippers and Excavators) on a contractual service basis.
M/s Tycoons Industries Pvt. Ltd. (Corporate Debtor) is engaged in coal mining operations.
In 2022, the Corporate Debtor approached the Operational Creditor for equipment on a lease basis due to operational bottlenecks at its mining sites.
A Work Order (No. CBCMPL/22-23/TIPPER/0010) dated 10.08.2022 was executed between the parties, governing terms for equipment provision.
The Operational Creditor deployed Tippers and Excavators at the Corporate Debtor's mining sites and rendered services.
A second Work Order dated 01.07.2023 was issued, covering the period 01.07.2023 to 20.06.2025, with revised rates.
…The Corporate Debtor approached the…
Viraj Steel and Energy Pvt. Ltd. placed a…