The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Shanmuga Sundaram. E.P, the Operational Creditor, against M/s. Gokula Kannan Chits Tamil Nadu Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed an outstanding amount of Rs. 12,75,000/- as of 06.07.2018. The Corporate Debtor is involved in the business of chit funds. The Operational Creditor has submitted payment receipts showing regular payments to the Corporate Debtor. The Corporate Debtor, in its reply, stated that it lent money to third parties and could not recover the dues in a timely manner, leading to its inability to repay the creditors.
Mr. Shanmuga Sundaram. E.P, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Gokula Kannan Chits Tamil Nadu Pvt. Ltd, the Corporate Debtor, claiming an outstanding amount of Rs. 12,75,000/- as of 06.07.2018. The Corporate Debtor is engaged in the business of chit funds. The Operational Creditor submitted payment receipts from 25.11.2014 to 11.10.2017, showing regular payments to the Corporate Debtor. The Corporate Debtor filed a reply stating that it lent money to third parties and could not recover the dues in a timely manner, leading to its inability to repay its creditors. The Corporate Debtor's counsel admitted that the Corporate Debtor was not in a position to pay its dues. The subscriber
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CP/1385/IB/2018 filed…
The Financial Creditor claimed an amount of…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Shanmuga Sundaram. E.P, the Operational Creditor, against M/s. Gokula Kannan Chits Tamil Nadu Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed an outstanding amount of Rs. 12,75,000/- as of 06.07.2018. The Corporate Debtor is involved in the business of chit funds. The Operational Creditor has submitted payment receipts showing regular payments to the Corporate Debtor. The Corporate Debtor, in its reply, stated that it lent money to third parties and could not recover the dues in a timely manner, leading to its inability to repay the creditors.
Mr. Shanmuga Sundaram. E.P, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Gokula Kannan Chits Tamil Nadu Pvt. Ltd, the Corporate Debtor, claiming an outstanding amount of Rs. 12,75,000/- as of 06.07.2018. The Corporate Debtor is engaged in the business of chit funds. The Operational Creditor submitted payment receipts from 25.11.2014 to 11.10.2017, showing regular payments to the Corporate Debtor. The Corporate Debtor filed a reply stating that it lent money to third parties and could not recover the dues in a timely manner, leading to its inability to repay its creditors. The Corporate Debtor's counsel admitted that the Corporate Debtor was not in a position to pay its dues. The subscriber
…CP/1385/IB/2018 filed…
The Financial Creditor claimed an amount of…