The petition was originally filed before the Hon'ble High Court of Madras and subsequently transferred to the Chennai Bench of the National Company Law Tribunal (NCLT) and renumbered as TCP/89/(IB)/CB/2017. The application seeks the initiation of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code), and the appointment of an Interim Resolution Professional (IRP). The Financial Creditor claims an outstanding debt against the Corporate Debtor.
A. Prem Kumar, the Financial Creditor, filed a petition against KK Flats Pvt Ltd, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was initially filed before the Hon'ble High Court of Madras and later transferred to the NCLT Chennai Bench. The Financial Creditor claimed an outstanding debt of Rs.31,10,382/- as of 31.03.2012, supported by the Corporate Debtor's balance sheet for 2012-2013 and the Financial Creditor's Income Tax Return for 2013-2014. A statutory notice dated 25.10.2014 was served upon the Corporate Debtor. The Corporate Debtor admitted to the investment by the Financial Creditor but claimed the debt was paid to the Petitioner's father, which the father denied via affidavit. The NCLT found the Corporate
…Sign in to view the parties.
Hearing held on 21/08/2017 at 10.30 AM before…
The Financial Creditor…
The petition was originally filed before the Hon'ble High Court of Madras and subsequently transferred to the Chennai Bench of the National Company Law Tribunal (NCLT) and renumbered as TCP/89/(IB)/CB/2017. The application seeks the initiation of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code), and the appointment of an Interim Resolution Professional (IRP). The Financial Creditor claims an outstanding debt against the Corporate Debtor.
A. Prem Kumar, the Financial Creditor, filed a petition against KK Flats Pvt Ltd, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was initially filed before the Hon'ble High Court of Madras and later transferred to the NCLT Chennai Bench. The Financial Creditor claimed an outstanding debt of Rs.31,10,382/- as of 31.03.2012, supported by the Corporate Debtor's balance sheet for 2012-2013 and the Financial Creditor's Income Tax Return for 2013-2014. A statutory notice dated 25.10.2014 was served upon the Corporate Debtor. The Corporate Debtor admitted to the investment by the Financial Creditor but claimed the debt was paid to the Petitioner's father, which the father denied via affidavit. The NCLT found the Corporate
…Hearing held on 21/08/2017 at 10.30 AM before…
The Financial Creditor…