The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Mr. V. G. Murali, an ex-Director of the Corporate Debtor, M/s. SR Mediservices Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant claims to be a Financial Creditor.
Mr. V. G. Murali, an ex-Director of M/s. SR Mediservices Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a Financial Creditor. He sought to initiate CIRP against the company. The Financial Creditor claimed that the Corporate Debtor owed him Rs. 1,44,25,000/- as of 01.11.2019. The Financial Creditor had invested in the Corporate Debtor after responding to a newspaper advertisement on 26.03.2017. He entered into a Business Agreement dated 14.04.2017 with one of the Directors, Dr.Sarasakavitha, and became a Director himself. 37.5% of Dr. Sarasakavitha's shares were transferred to him. He also lent Rs. 29,00,000/- to the Corporate Debtor between 06.07.2017 and 24.01.2018. The Financial Creditor was later
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Financial Creditor came…
Financial Creditor entered into a Business…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Mr. V. G. Murali, an ex-Director of the Corporate Debtor, M/s. SR Mediservices Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant claims to be a Financial Creditor.
Mr. V. G. Murali, an ex-Director of M/s. SR Mediservices Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a Financial Creditor. He sought to initiate CIRP against the company. The Financial Creditor claimed that the Corporate Debtor owed him Rs. 1,44,25,000/- as of 01.11.2019. The Financial Creditor had invested in the Corporate Debtor after responding to a newspaper advertisement on 26.03.2017. He entered into a Business Agreement dated 14.04.2017 with one of the Directors, Dr.Sarasakavitha, and became a Director himself. 37.5% of Dr. Sarasakavitha's shares were transferred to him. He also lent Rs. 29,00,000/- to the Corporate Debtor between 06.07.2017 and 24.01.2018. The Financial Creditor was later
…Financial Creditor came…
Financial Creditor entered into a Business…