The case involves a company petition filed by Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Nagasuri Chit Funds Private Limited. The petitioners claimed non-payment of Rs. 6,80,00,000/- including interest, based on promissory notes and letters issued by the corporate debtor. The corporate debtor denied the averments, contending that it is a financial service provider and therefore not a 'corporate person' under the IBC. The corporate debtor also alleged that the promissory notes and letters were forged and fabricated.
Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s. Nagasuri Chit Funds Private Limited, alleging non-payment of Rs. 6,80,00,000/- including interest. The claim was based on promissory notes and letters dated 26.02.2020. The petitioners claimed that the corporate debtor, through its director K. Suryanarayana Raju, admitted to receiving amounts from them and executed promissory notes for repayment. The corporate debtor denied the averments, arguing that it is a financial service provider and not a 'corporate person' under the IBC. The corporate debtor also alleged that the promissory notes and letters were forged and fabricated. The petitioners had also filed a
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The case involves a company petition filed by Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Nagasuri Chit Funds Private Limited. The petitioners claimed non-payment of Rs. 6,80,00,000/- including interest, based on promissory notes and letters issued by the corporate debtor. The corporate debtor denied the averments, contending that it is a financial service provider and therefore not a 'corporate person' under the IBC. The corporate debtor also alleged that the promissory notes and letters were forged and fabricated.
Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s. Nagasuri Chit Funds Private Limited, alleging non-payment of Rs. 6,80,00,000/- including interest. The claim was based on promissory notes and letters dated 26.02.2020. The petitioners claimed that the corporate debtor, through its director K. Suryanarayana Raju, admitted to receiving amounts from them and executed promissory notes for repayment. The corporate debtor denied the averments, arguing that it is a financial service provider and not a 'corporate person' under the IBC. The corporate debtor also alleged that the promissory notes and letters were forged and fabricated. The petitioners had also filed a
…Corporate Debtor…
Financial Creditors…