The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Ce. K. Thurraiswami, the Financial Creditor, against M/s. Tirupur Sri Senthil Cotton Mills Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted in repaying a principal amount of ₹10,00,000 together with interest, aggregating to ₹16,37,809 as of 31.12.2018. The Financial Creditor had lent the principal amount to the Corporate Debtor through a third person, Mr. Sasivarnan, who executed a Demand Promissory Note. A Tripartite Agreement of Novation was entered into, where the Financial Creditor disbursed ₹10,00,000 to Mr. Sasivarnan for repayment of a loan borrowed by the Corporate Debtor

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Ce. K. Thurraiswami, the Financial Creditor, against M/s. Tirupur Sri Senthil Cotton Mills Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted in repaying a principal amount of ₹10,00,000 together with interest, aggregating to ₹16,37,809 as of 31.12.2018. The Financial Creditor had lent the principal amount to the Corporate Debtor through a third person, Mr. Sasivarnan, who executed a Demand Promissory Note. A Tripartite Agreement of Novation was entered into, where the Financial Creditor disbursed ₹10,00,000 to Mr. Sasivarnan for repayment of a loan borrowed by the Corporate Debtor