M/s. Sri Ganapathi Financiers, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Srirangam Priya Promoters Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor defaulted on a loan of Rs. 50,00,000/- given on 20.10.2015, with an interest rate of 25.2% per annum, resulting in an outstanding debt of Rs. 76,53,969.10. The date of default was stated as 19.08.2019. The respondent, represented by its Managing Director Mr. A. Francis, contested the application, stating that the loan was availed by Mr. A. Francis in his personal capacity and not by the corporate debtor. The applicant relied on an

M/s. Sri Ganapathi Financiers, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Srirangam Priya Promoters Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor defaulted on a loan of Rs. 50,00,000/- given on 20.10.2015, with an interest rate of 25.2% per annum, resulting in an outstanding debt of Rs. 76,53,969.10. The date of default was stated as 19.08.2019. The respondent, represented by its Managing Director Mr. A. Francis, contested the application, stating that the loan was availed by Mr. A. Francis in his personal capacity and not by the corporate debtor. The applicant relied on an