The Operational Creditor, Oswal Minerals Limited, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Vidhi Minerals & Alloys Private Limited, for an operational debt of Rs. 3,14,94,938/-. The Operational Creditor claimed to have supplied Manganese Ore to the Corporate Debtor between 2020 and 2021, for which payment was not made as per the agreed terms.
Oswal Minerals Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Vidhi Minerals & Alloys Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an outstanding operational debt of Rs. 3,14,94,938/-. The debt arose from the supply of Manganese Ore by the Operational Creditor to the Corporate Debtor between 2020 and 2021. The Corporate Debtor accepted and utilized the ore without any complaints. The terms of purchase required the Corporate Debtor to make payment within 10 days of lifting the material, with a provision for 18% per annum interest on delayed payments. The Operational Creditor issued approximately 40 invoices amounting to Rs 1,87,84,248/-. A
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Invoices were raised…
Invoices were raised…
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The Operational Creditor, Oswal Minerals Limited, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Vidhi Minerals & Alloys Private Limited, for an operational debt of Rs. 3,14,94,938/-. The Operational Creditor claimed to have supplied Manganese Ore to the Corporate Debtor between 2020 and 2021, for which payment was not made as per the agreed terms.
Oswal Minerals Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Vidhi Minerals & Alloys Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an outstanding operational debt of Rs. 3,14,94,938/-. The debt arose from the supply of Manganese Ore by the Operational Creditor to the Corporate Debtor between 2020 and 2021. The Corporate Debtor accepted and utilized the ore without any complaints. The terms of purchase required the Corporate Debtor to make payment within 10 days of lifting the material, with a provision for 18% per annum interest on delayed payments. The Operational Creditor issued approximately 40 invoices amounting to Rs 1,87,84,248/-. A
…Invoices were raised…
Invoices were raised…
Sign in to view related legal provisions.