The case involves an application filed by Mohit Minerals Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Nidhi Impotrade Private Limited, the corporate debtor, for unpaid operational debt. Mohit Minerals, engaged in the trading and supply of coal, claimed that Nidhi Impotrade defaulted on payments for supplied materials. The operational creditor contacted the corporate debtor regarding the delay in payments of invoices. The corporate debtor admitted its liability for the payment of a huge outstanding amount of Rs. 1,58,12,174/- against the outstanding invoices, issued 22 cheques, all drawn on ICICI Bank, Bhatar Branch, Surat to discharge its partial liability against the aforesaid outstanding amount. The corporate
…Mohit Minerals Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Nidhi Impotrade Private Limited (corporate debtor) for an unpaid operational debt. Mohit Minerals is a company engaged in the trading and supply of coal. Nidhi Impotrade is a private limited company registered in Surat, Gujarat. The two companies engaged in a business relationship where Mohit Minerals supplied coal to Nidhi Impotrade. Initially, payments were made by Nidhi Impotrade via cheque. However, payments became delayed, leading to a growing difference between invoices raised and payments received. In January 2018, Mohit Minerals contacted Nidhi Impotrade regarding the delayed payments. Nidhi Impotrade admitted to an outstanding
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Mohit Minerals…
Nidhi Impotrade Private…
The case involves an application filed by Mohit Minerals Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Nidhi Impotrade Private Limited, the corporate debtor, for unpaid operational debt. Mohit Minerals, engaged in the trading and supply of coal, claimed that Nidhi Impotrade defaulted on payments for supplied materials. The operational creditor contacted the corporate debtor regarding the delay in payments of invoices. The corporate debtor admitted its liability for the payment of a huge outstanding amount of Rs. 1,58,12,174/- against the outstanding invoices, issued 22 cheques, all drawn on ICICI Bank, Bhatar Branch, Surat to discharge its partial liability against the aforesaid outstanding amount. The corporate
…Mohit Minerals Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Nidhi Impotrade Private Limited (corporate debtor) for an unpaid operational debt. Mohit Minerals is a company engaged in the trading and supply of coal. Nidhi Impotrade is a private limited company registered in Surat, Gujarat. The two companies engaged in a business relationship where Mohit Minerals supplied coal to Nidhi Impotrade. Initially, payments were made by Nidhi Impotrade via cheque. However, payments became delayed, leading to a growing difference between invoices raised and payments received. In January 2018, Mohit Minerals contacted Nidhi Impotrade regarding the delayed payments. Nidhi Impotrade admitted to an outstanding
…Mohit Minerals…
Nidhi Impotrade Private…