The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by an Operational Creditor, A. Vimal Deepak, against Sangamam Chit Funds Pvt. Ltd., the Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP).
A. Vimal Deepak, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sangamam Chit Funds Pvt. Ltd., the Corporate Debtor, for an outstanding amount of Rs.4,86,750/- as of 17.10.2018. The Corporate Debtor failed to pay this amount. The Operational Creditor was a successful bidder in a chit fund scheme run by the Corporate Debtor. The Corporate Debtor issued a cheque for the outstanding amount, which was returned due to insufficient funds on 16.12.2018. The Operational Creditor sent a demand notice dated 17.12.2018 under Section 8 of the I&B Code, 2016, to the Corporate Debtor. The Corporate Debtor's Managing Director admitted the company's inability to pay its debts. The Operational Creditor complied
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Operational Creditor…
Corporate Debtor issued…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by an Operational Creditor, A. Vimal Deepak, against Sangamam Chit Funds Pvt. Ltd., the Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP).
A. Vimal Deepak, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sangamam Chit Funds Pvt. Ltd., the Corporate Debtor, for an outstanding amount of Rs.4,86,750/- as of 17.10.2018. The Corporate Debtor failed to pay this amount. The Operational Creditor was a successful bidder in a chit fund scheme run by the Corporate Debtor. The Corporate Debtor issued a cheque for the outstanding amount, which was returned due to insufficient funds on 16.12.2018. The Operational Creditor sent a demand notice dated 17.12.2018 under Section 8 of the I&B Code, 2016, to the Corporate Debtor. The Corporate Debtor's Managing Director admitted the company's inability to pay its debts. The Operational Creditor complied
…Operational Creditor…
Corporate Debtor issued…