The case involves a Company Petition filed by a Financial Creditor, Dr. T. Palaniappan, under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Tag Info Solutions India Private Limited. The Corporate Debtor defaulted in repaying ₹20,00,000 plus interest of ₹1,60,000 as on 22.11.2018. The Financial Creditor advanced ₹20,00,000 to the Corporate Debtor on various dates in April 2018, and the Corporate Debtor executed a Promissory Note dated 20.04.2018 promising to repay the borrowed amount with 12% interest. A cheque issued by the Corporate Debtor was dishonored due to 'Funds Insufficient'.
Dr. T. Palaniappan, the Financial Creditor, filed a Company Petition under Section 7 of the IBC to initiate CIRP against M/s. Tag Info Solutions India Private Limited, the Corporate Debtor. The Corporate Debtor defaulted on repaying ₹20,00,000 plus interest of ₹1,60,000 as of 22.11.2018. The Financial Creditor had advanced ₹20,00,000 to the Corporate Debtor in April 2018 through RTGS transfers on various dates: ₹2,00,000 on 16.04.2018, ₹3,00,000 on 16.04.2018, and ₹15,00,000 on 20.04.2018. In consideration, the Corporate Debtor executed a Promissory Note dated 20.04.2018, promising to repay the borrowed amount with 12% interest. A cheque (number 248612) of ICCI Bank Ltd dated 20.11.2018, issued by the Corporate Debtor, was dishonored due to 'Funds Insufficient'. The
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The Financial Creditor advanced ₹20,00,000 to…
The Corporate Debtor executed a Promissory…
The case involves a Company Petition filed by a Financial Creditor, Dr. T. Palaniappan, under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Tag Info Solutions India Private Limited. The Corporate Debtor defaulted in repaying ₹20,00,000 plus interest of ₹1,60,000 as on 22.11.2018. The Financial Creditor advanced ₹20,00,000 to the Corporate Debtor on various dates in April 2018, and the Corporate Debtor executed a Promissory Note dated 20.04.2018 promising to repay the borrowed amount with 12% interest. A cheque issued by the Corporate Debtor was dishonored due to 'Funds Insufficient'.
Dr. T. Palaniappan, the Financial Creditor, filed a Company Petition under Section 7 of the IBC to initiate CIRP against M/s. Tag Info Solutions India Private Limited, the Corporate Debtor. The Corporate Debtor defaulted on repaying ₹20,00,000 plus interest of ₹1,60,000 as of 22.11.2018. The Financial Creditor had advanced ₹20,00,000 to the Corporate Debtor in April 2018 through RTGS transfers on various dates: ₹2,00,000 on 16.04.2018, ₹3,00,000 on 16.04.2018, and ₹15,00,000 on 20.04.2018. In consideration, the Corporate Debtor executed a Promissory Note dated 20.04.2018, promising to repay the borrowed amount with 12% interest. A cheque (number 248612) of ICCI Bank Ltd dated 20.11.2018, issued by the Corporate Debtor, was dishonored due to 'Funds Insufficient'. The
…The Financial Creditor advanced ₹20,00,000 to…
The Corporate Debtor executed a Promissory…