The case involves an application filed by Mr. A.S.E. Janakinathan, an Operational Creditor, against M/s. Sattur Shri Ganga Chits Funds (P) Ltd., the Corporate Debtor, 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. The Operational Creditor claimed an outstanding debt of Rs.4,80,000/- along with interest at 18% from 09.10.2017, stating that he provided chit funds to the Corporate Debtor, which were not repaid as per the agreed practice. The Corporate Debtor did not appear despite notice.
Mr. A.S.E. Janakinathan, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sattur Shri Ganga Chits Funds (P) Ltd., the Corporate Debtor. The claim was for an outstanding debt of Rs.4,80,000/- with 18% interest from 09.10.2017, arising from chit fund deposits made by the Operational Creditor to the Corporate Debtor. The Corporate Debtor failed to repay these funds. A demand notice was sent on 07.03.2018 under Section 8 of the I&B Code, which was delivered on 09.03.2018. The Corporate Debtor did not respond to the notice or appear before the court despite being served. The Operational Creditor complied with Section 9(3)(b) & (c) of the I&B Code by filing an affidavit. The Corporate
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Operational Creditor sent a Demand Notice to…
The Demand Not…
The case involves an application filed by Mr. A.S.E. Janakinathan, an Operational Creditor, against M/s. Sattur Shri Ganga Chits Funds (P) Ltd., the Corporate Debtor, 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. The Operational Creditor claimed an outstanding debt of Rs.4,80,000/- along with interest at 18% from 09.10.2017, stating that he provided chit funds to the Corporate Debtor, which were not repaid as per the agreed practice. The Corporate Debtor did not appear despite notice.
Mr. A.S.E. Janakinathan, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sattur Shri Ganga Chits Funds (P) Ltd., the Corporate Debtor. The claim was for an outstanding debt of Rs.4,80,000/- with 18% interest from 09.10.2017, arising from chit fund deposits made by the Operational Creditor to the Corporate Debtor. The Corporate Debtor failed to repay these funds. A demand notice was sent on 07.03.2018 under Section 8 of the I&B Code, which was delivered on 09.03.2018. The Corporate Debtor did not respond to the notice or appear before the court despite being served. The Operational Creditor complied with Section 9(3)(b) & (c) of the I&B Code by filing an affidavit. The Corporate
…Operational Creditor sent a Demand Notice to…
The Demand Not…