Rajendra P. filed C.P.(IB)No.322/BB/2019 against M/s. Indiranagar Chit Funds & Trading Company Private Limited under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioner, an operational creditor, claimed default on the part of the corporate debtor for a total amount of Rs. 20,02,250/- as of 10.04.2017. The petitioner had subscribed to chit agreements with the corporate debtor, and despite the maturity of the agreements and demand letters, the corporate debtor failed to repay the due amount.
Rajendra P., the petitioner and operational creditor, subscribed to chit agreements with M/s. Indiranagar Chit Funds & Trading Company Private Limited, the corporate debtor. Two chit agreements were entered on 06/09/2015 and 02/06/2016 for sums of Rs. 10 Lakhs and Rs. 25 Lakhs, respectively. The corporate debtor defaulted on payments, leading to a total outstanding amount of Rs. 20,02,250/- as of 10/04/2017. The petitioner sent demand letters on 05/10/2018 and 17/12/2018, and a final demand notice on 30/04/2019, which was acknowledged by the corporate debtor on 02/05/2019. The corporate debtor admitted to the debt and default. The corporate debtor's offices and accounts were frozen by the Indiranagar police and GST. The corporate debtor has no movable or immovable
…Sign in to view the parties.
Indiranagar Chit Funds…
Rajendra P. entered…
Rajendra P. filed C.P.(IB)No.322/BB/2019 against M/s. Indiranagar Chit Funds & Trading Company Private Limited under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioner, an operational creditor, claimed default on the part of the corporate debtor for a total amount of Rs. 20,02,250/- as of 10.04.2017. The petitioner had subscribed to chit agreements with the corporate debtor, and despite the maturity of the agreements and demand letters, the corporate debtor failed to repay the due amount.
Rajendra P., the petitioner and operational creditor, subscribed to chit agreements with M/s. Indiranagar Chit Funds & Trading Company Private Limited, the corporate debtor. Two chit agreements were entered on 06/09/2015 and 02/06/2016 for sums of Rs. 10 Lakhs and Rs. 25 Lakhs, respectively. The corporate debtor defaulted on payments, leading to a total outstanding amount of Rs. 20,02,250/- as of 10/04/2017. The petitioner sent demand letters on 05/10/2018 and 17/12/2018, and a final demand notice on 30/04/2019, which was acknowledged by the corporate debtor on 02/05/2019. The corporate debtor admitted to the debt and default. The corporate debtor's offices and accounts were frozen by the Indiranagar police and GST. The corporate debtor has no movable or immovable
…Indiranagar Chit Funds…
Rajendra P. entered…