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 Corporate Debtor acknowledged the loan and undertook to repay it with interest. The Corporate Debtor also wrote a
…Mr. Ce. K. Thurraiswami, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Tirupur Sri Senthil Cotton Mills Limited, the Corporate Debtor. The Corporate Debtor defaulted on repaying a principal amount of ₹10,00,000, with accrued interest bringing the total outstanding to ₹16,37,809 as of December 31, 2018. The Financial Creditor had initially lent the money through a third party, Mr. Sasivarnan, who executed a Demand Promissory Note for the principal amount on January 18, 2012. A Tripartite Agreement of Novation was subsequently entered into on January 18, 2013, between Mr. Sasivarnan, the Financial Creditor, and the Corporate Debtor, wherein
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Mr. Sasivarnan executed…
Tripartite Agreement of Novation entered into…
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 Corporate Debtor acknowledged the loan and undertook to repay it with interest. The Corporate Debtor also wrote a
…Mr. Ce. K. Thurraiswami, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Tirupur Sri Senthil Cotton Mills Limited, the Corporate Debtor. The Corporate Debtor defaulted on repaying a principal amount of ₹10,00,000, with accrued interest bringing the total outstanding to ₹16,37,809 as of December 31, 2018. The Financial Creditor had initially lent the money through a third party, Mr. Sasivarnan, who executed a Demand Promissory Note for the principal amount on January 18, 2012. A Tripartite Agreement of Novation was subsequently entered into on January 18, 2013, between Mr. Sasivarnan, the Financial Creditor, and the Corporate Debtor, wherein
…Mr. Sasivarnan executed…
Tripartite Agreement of Novation entered into…