Smt. Srikanta Sarda, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against the respondent, M/s. Tansway Marketing Private Limited (Corporate Debtor). The application was based on an alleged default in repayment of a cash loan of Rs. 5,00,000/-. The petitioner claimed that the respondent had availed the loan and promised to repay it with interest, but failed to do so despite repeated demand notices. The respondent contested the maintainability of the petition, arguing that the company was not in existence on the date of filing the petition.
Smt. Srikanta Sarda (Financial Creditor) claimed that M/s. Tansway Marketing Pvt. Ltd. (Corporate Debtor) availed a cash loan of Rs. 5,00,000/- from her. The petitioner alleged that a letter dated 17.08.2016, signed by the respondent's director, Mr. Mukesh Kumar Singal, served as a promissory note (Exhibit-B). The petitioner further claimed that the respondent promised to repay the amount after four months with 15% interest per annum but defaulted despite demand notices (Exhibits C and D). The respondent, represented by Adv. Mr. Awadhesh Kumar Rai, argued that the company was not in existence on the date of filing the petition, as its name was struck off from the Company Master Data. The petitioner presented Company Master Data (Exhibit-A) showing the company as active
…Sign in to view the parties.
Alleged date of the loan agreement between Smt.…
Date of first written…
Smt. Srikanta Sarda, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against the respondent, M/s. Tansway Marketing Private Limited (Corporate Debtor). The application was based on an alleged default in repayment of a cash loan of Rs. 5,00,000/-. The petitioner claimed that the respondent had availed the loan and promised to repay it with interest, but failed to do so despite repeated demand notices. The respondent contested the maintainability of the petition, arguing that the company was not in existence on the date of filing the petition.
Smt. Srikanta Sarda (Financial Creditor) claimed that M/s. Tansway Marketing Pvt. Ltd. (Corporate Debtor) availed a cash loan of Rs. 5,00,000/- from her. The petitioner alleged that a letter dated 17.08.2016, signed by the respondent's director, Mr. Mukesh Kumar Singal, served as a promissory note (Exhibit-B). The petitioner further claimed that the respondent promised to repay the amount after four months with 15% interest per annum but defaulted despite demand notices (Exhibits C and D). The respondent, represented by Adv. Mr. Awadhesh Kumar Rai, argued that the company was not in existence on the date of filing the petition, as its name was struck off from the Company Master Data. The petitioner presented Company Master Data (Exhibit-A) showing the company as active
…Alleged date of the loan agreement between Smt.…
Date of first written…