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, and the proceedings were conducted ex parte.
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 Operational Creditor claimed an outstanding debt of Rs.4,80,000/- with 18% interest from 09.10.2017, stating that he provided chit funds to the Corporate Debtor, which were not repaid. The Corporate Debtor failed to appear despite receiving notice, leading to ex parte proceedings. The Operational Creditor sent a Demand Notice dated 07.03.2018 under Section 8 of the I&B Code, 2016. The Operational Creditor complied with Section 9 (3) (b) & (c) of I&B Code, 2016, by filing an affidavit. The Corporate Debtor's main business is conducting chit funds,
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Operational Creditor…
Operational Creditor…
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, and the proceedings were conducted ex parte.
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 Operational Creditor claimed an outstanding debt of Rs.4,80,000/- with 18% interest from 09.10.2017, stating that he provided chit funds to the Corporate Debtor, which were not repaid. The Corporate Debtor failed to appear despite receiving notice, leading to ex parte proceedings. The Operational Creditor sent a Demand Notice dated 07.03.2018 under Section 8 of the I&B Code, 2016. The Operational Creditor complied with Section 9 (3) (b) & (c) of I&B Code, 2016, by filing an affidavit. The Corporate Debtor's main business is conducting chit funds,
…Operational Creditor…
Operational Creditor…