This case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Mahavir Nimodia (Operational Creditor) against Nahorjan Tea Company Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 1,46,17,598 as of September 16, 2021, along with interest at 14% per annum, stemming from unpaid invoices for agrochemicals supplied to the Corporate Debtor. The Corporate Debtor acknowledged the debt but cited financial difficulties and requested time to work out a repayment schedule.
Mr. Mahavir Nimodia, operating as Chemico House, is an Operational Creditor engaged in supplying agrochemicals, pesticides, insecticides, and bio-fertilizers. Nahorjan Tea Company Private Limited, the Corporate Debtor, is in the business of tea manufacturing. The Corporate Debtor approached the Operational Creditor for the supply of agrochemicals, placing various purchase orders. Goods were supplied through a transporter or collected by the Corporate Debtor's staff. Tax invoices were raised after each delivery and received by the Corporate Debtor. The Corporate Debtor made on-account payments, maintaining a running account. Despite repeated requests, the Corporate Debtor failed to make payments towards outstanding invoices. The date of the first default was July 13,
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This case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Mahavir Nimodia (Operational Creditor) against Nahorjan Tea Company Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 1,46,17,598 as of September 16, 2021, along with interest at 14% per annum, stemming from unpaid invoices for agrochemicals supplied to the Corporate Debtor. The Corporate Debtor acknowledged the debt but cited financial difficulties and requested time to work out a repayment schedule.
Mr. Mahavir Nimodia, operating as Chemico House, is an Operational Creditor engaged in supplying agrochemicals, pesticides, insecticides, and bio-fertilizers. Nahorjan Tea Company Private Limited, the Corporate Debtor, is in the business of tea manufacturing. The Corporate Debtor approached the Operational Creditor for the supply of agrochemicals, placing various purchase orders. Goods were supplied through a transporter or collected by the Corporate Debtor's staff. Tax invoices were raised after each delivery and received by the Corporate Debtor. The Corporate Debtor made on-account payments, maintaining a running account. Despite repeated requests, the Corporate Debtor failed to make payments towards outstanding invoices. The date of the first default was July 13,
…Bills were raised…
Date of the last…