The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Srimanta Kumar Tripathy and Anusuya Tripathy (Operational Creditors) against S.S Mining and Infra Private Limited (Corporate Debtor) for alleged default in repayment of financial debt amounting to ₹ 1,98,47,957. The Operational Creditors claimed that the Corporate Debtor was engaged in providing mining services and approached them for funds, which were provided as share capital, unsecured loans, and other services. Disputes arose regarding the repayment of dues, leading to the filing of an arbitration petition before the High Court of Orissa, which was later dismissed for default. The Operational Creditors then filed the Section 9 application.
Srimanta Kumar Tripathy and Anusuya Tripathy (Operational Creditors) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against S.S Mining and Infra Private Limited (Corporate Debtor) for a default of ₹ 1,98,47,957. The Corporate Debtor was engaged in mining services and allegedly took funds from the Operational Creditors as share capital, unsecured loans, and services. A Memorandum of Understanding (MOU) was signed between the parties on 29.01.2014. The Operational Creditors were inducted as Directors of the Company and were given control over the finances. The Operational Creditors resigned as Directors in 2017. An arbitration petition was filed before the High Court of Orissa, which was dismissed for default on 19.01.2019. The
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A Memorandum of Understanding (MOU) was signed…
The Operational…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Srimanta Kumar Tripathy and Anusuya Tripathy (Operational Creditors) against S.S Mining and Infra Private Limited (Corporate Debtor) for alleged default in repayment of financial debt amounting to ₹ 1,98,47,957. The Operational Creditors claimed that the Corporate Debtor was engaged in providing mining services and approached them for funds, which were provided as share capital, unsecured loans, and other services. Disputes arose regarding the repayment of dues, leading to the filing of an arbitration petition before the High Court of Orissa, which was later dismissed for default. The Operational Creditors then filed the Section 9 application.
Srimanta Kumar Tripathy and Anusuya Tripathy (Operational Creditors) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against S.S Mining and Infra Private Limited (Corporate Debtor) for a default of ₹ 1,98,47,957. The Corporate Debtor was engaged in mining services and allegedly took funds from the Operational Creditors as share capital, unsecured loans, and services. A Memorandum of Understanding (MOU) was signed between the parties on 29.01.2014. The Operational Creditors were inducted as Directors of the Company and were given control over the finances. The Operational Creditors resigned as Directors in 2017. An arbitration petition was filed before the High Court of Orissa, which was dismissed for default on 19.01.2019. The
…A Memorandum of Understanding (MOU) was signed…
The Operational…