The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by K. Raja Mannar, a financial creditor, against M/s. Southern Fuel Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default on a loan of Rs. 5,00,000/- disbursed to the corporate debtor, evidenced by a promissory note. The corporate debtor failed to repay the loan despite repeated demands, citing a liquidity crunch.
K. Raja Mannar, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Southern Fuel Limited, the corporate debtor. The financial creditor disbursed a loan of Rs. 5,00,000/- to the corporate debtor on 12.10.2018, secured by a promissory note with a 15% per annum interest rate. The corporate debtor was incorporated on 23.04.1993 with CIN: L02310TZ1993PLC012154. The financial creditor claimed a total amount of Rs. 5,62,500/-, including interest. The corporate debtor, in its reply dated 15.02.2019, admitted the liability but pleaded inability to repay due to a liquidity crunch. The financial creditor sent letters on 24.12.2018 and 09.02.2019 demanding repayment. The application was filed on 13.03.2020. The
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M/s. Souther…
The Financial Creditor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by K. Raja Mannar, a financial creditor, against M/s. Southern Fuel Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default on a loan of Rs. 5,00,000/- disbursed to the corporate debtor, evidenced by a promissory note. The corporate debtor failed to repay the loan despite repeated demands, citing a liquidity crunch.
K. Raja Mannar, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Southern Fuel Limited, the corporate debtor. The financial creditor disbursed a loan of Rs. 5,00,000/- to the corporate debtor on 12.10.2018, secured by a promissory note with a 15% per annum interest rate. The corporate debtor was incorporated on 23.04.1993 with CIN: L02310TZ1993PLC012154. The financial creditor claimed a total amount of Rs. 5,62,500/-, including interest. The corporate debtor, in its reply dated 15.02.2019, admitted the liability but pleaded inability to repay due to a liquidity crunch. The financial creditor sent letters on 24.12.2018 and 09.02.2019 demanding repayment. The application was filed on 13.03.2020. The
…M/s. Souther…
The Financial Creditor…