The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Nico Extrusions Limited (Operational Creditor) against Nicomet Industries Limited (Corporate Debtor). The Operational Creditor claims that the Corporate Debtor failed to pay Rs. 31,70,404/-, which includes a principal amount of Rs. 20,58,704/- and interest of Rs. 11,11,700/-. The Operational Creditor had sold 8 licenses to the Corporate Debtor for Rs. 51,28,704/-. A Section 8 notice was sent on 9.3.2017 for an unpaid amount of Rs. 20,58,704/- plus interest. The Corporate Debtor acknowledged owing Rs. 1,00,000/- and sent a cheque for that amount, stating that encashment would be considered closure of the account.
Nico Extrusions Limited (Operational Creditor) filed a petition against Nicomet Industries Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, claiming a default of Rs. 31,70,404/-. This amount includes a principal of Rs. 20,58,704/- and interest of Rs. 11,11,700/-. The debt arose from the sale of 8 licenses by the Operational Creditor to the Corporate Debtor for Rs. 51,28,704/-. A Section 8 notice was issued on 9.3.2017 for the unpaid amount of Rs. 20,58,704/- plus interest. The Corporate Debtor replied on 20.3.2017, acknowledging owing Rs. 1,00,000/- and sending a cheque for that amount, stating that encashment would be considered closure of the account. The Operational Creditor refused the cheque and demanded an explanation for
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Operational Creditor sends Section 8 demand…
Corporate Debtor replies to the Section 8…
The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Nico Extrusions Limited (Operational Creditor) against Nicomet Industries Limited (Corporate Debtor). The Operational Creditor claims that the Corporate Debtor failed to pay Rs. 31,70,404/-, which includes a principal amount of Rs. 20,58,704/- and interest of Rs. 11,11,700/-. The Operational Creditor had sold 8 licenses to the Corporate Debtor for Rs. 51,28,704/-. A Section 8 notice was sent on 9.3.2017 for an unpaid amount of Rs. 20,58,704/- plus interest. The Corporate Debtor acknowledged owing Rs. 1,00,000/- and sent a cheque for that amount, stating that encashment would be considered closure of the account.
Nico Extrusions Limited (Operational Creditor) filed a petition against Nicomet Industries Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, claiming a default of Rs. 31,70,404/-. This amount includes a principal of Rs. 20,58,704/- and interest of Rs. 11,11,700/-. The debt arose from the sale of 8 licenses by the Operational Creditor to the Corporate Debtor for Rs. 51,28,704/-. A Section 8 notice was issued on 9.3.2017 for the unpaid amount of Rs. 20,58,704/- plus interest. The Corporate Debtor replied on 20.3.2017, acknowledging owing Rs. 1,00,000/- and sending a cheque for that amount, stating that encashment would be considered closure of the account. The Operational Creditor refused the cheque and demanded an explanation for
…Operational Creditor sends Section 8 demand…
Corporate Debtor replies to the Section 8…