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 application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor claims an outstanding amount of Rs.4,86,750/- as of 17.10.2018, which the Corporate Debtor has failed to pay. The matter pertains to a chit fund, where the Corporate Debtor is the organizer and the Operational Creditor is a subscriber.
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, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs.4,86,750/- as of 17.10.2018, which the Corporate Debtor failed to pay. The matter relates to a chit fund, where the Corporate Debtor acts as the organizer. The Operational Creditor was declared the successful bidder on 17.10.2018 and had not defaulted on monthly chit dues. The Corporate Debtor issued a cheque for Rs.4,86,750/- dated 19.11.2018, which was returned on 16.12.2018 due to insufficient funds. The Operational Creditor sent a demand notice dated
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Operational Creditor…
Corporate Debtor issues…
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 application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor claims an outstanding amount of Rs.4,86,750/- as of 17.10.2018, which the Corporate Debtor has failed to pay. The matter pertains to a chit fund, where the Corporate Debtor is the organizer and the Operational Creditor is a subscriber.
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, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs.4,86,750/- as of 17.10.2018, which the Corporate Debtor failed to pay. The matter relates to a chit fund, where the Corporate Debtor acts as the organizer. The Operational Creditor was declared the successful bidder on 17.10.2018 and had not defaulted on monthly chit dues. The Corporate Debtor issued a cheque for Rs.4,86,750/- dated 19.11.2018, which was returned on 16.12.2018 due to insufficient funds. The Operational Creditor sent a demand notice dated
…Operational Creditor…
Corporate Debtor issues…