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 default in payment of operational debt. Mohit Minerals, engaged in the business of trading and supply of coal, had a business relationship with Nidhi Impotrade for the purchase and import of coal. Disputes arose due to delays in payments by Nidhi Impotrade, leading to the issuance of a demand notice and subsequent filing of the application for initiating the Corporate Insolvency Resolution Process (CIRP).
Mohit Minerals Limited (operational creditor) and Nidhi Impotrade Private Limited (corporate debtor) had a business relationship involving the supply of coal. Mohit Minerals supplied coal to Nidhi Impotrade, raising invoices for each supply. Initially, Nidhi Impotrade made payments via cheque. Later, Nidhi Impotrade began delaying payments, leading to a significant outstanding amount of Rs. 1,58,12,174/-. Nidhi Impotrade issued 22 cheques to partially discharge the debt, but later requested Mohit Minerals to present the cheques only after intimation. One cheque was deposited but returned due to 'account blocked'. Nidhi Impotrade made a total payment of Rs. 76,34,833/- between February and April 2018, but no further payments were made. A cheque for Rs. 13,70,198/- was
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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 default in payment of operational debt. Mohit Minerals, engaged in the business of trading and supply of coal, had a business relationship with Nidhi Impotrade for the purchase and import of coal. Disputes arose due to delays in payments by Nidhi Impotrade, leading to the issuance of a demand notice and subsequent filing of the application for initiating the Corporate Insolvency Resolution Process (CIRP).
Mohit Minerals Limited (operational creditor) and Nidhi Impotrade Private Limited (corporate debtor) had a business relationship involving the supply of coal. Mohit Minerals supplied coal to Nidhi Impotrade, raising invoices for each supply. Initially, Nidhi Impotrade made payments via cheque. Later, Nidhi Impotrade began delaying payments, leading to a significant outstanding amount of Rs. 1,58,12,174/-. Nidhi Impotrade issued 22 cheques to partially discharge the debt, but later requested Mohit Minerals to present the cheques only after intimation. One cheque was deposited but returned due to 'account blocked'. Nidhi Impotrade made a total payment of Rs. 76,34,833/- between February and April 2018, but no further payments were made. A cheque for Rs. 13,70,198/- was
…Mohit Minerals…
Nidhi Impotrade Private…