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, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Nagasuri Chit Funds Private Limited. The petitioners claimed non-payment of Rs. 6,80,00,000/- (Rupees Six Crores Eighty Lakhs Only), including interest, due as of 10.02.2023, under promissory notes allegedly executed by K. Suryanarayana Raju on behalf of the corporate debtor. The petitioners contended that the corporate debtor admitted its liability through letters dated 26.02.2020 and promissory notes. The corporate
…Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli filed a company petition against M/s. Nagasuri Chit Funds Private Limited, seeking initiation of CIRP based on non-payment of Rs. 6,80,00,000/-. The petitioners claimed that the corporate debtor, through its director K. Suryanarayana Raju, executed promissory notes and admitted liability in letters dated 26.02.2020. These letters referred to Rs.1.00 Crore borrowed by his son and Rs.3.00 Crores due towards four chits. The petitioners also claimed to have deposited rupees one crore towards Fixed Deposit. The corporate debtor denied the debt and claimed that the promissory notes and letters were forged. They also argued that as a chit fund company, they are a financial service provider and thus not subject to
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Corporate Debtor…
Financial Creditors approached the Jt.…
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, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Nagasuri Chit Funds Private Limited. The petitioners claimed non-payment of Rs. 6,80,00,000/- (Rupees Six Crores Eighty Lakhs Only), including interest, due as of 10.02.2023, under promissory notes allegedly executed by K. Suryanarayana Raju on behalf of the corporate debtor. The petitioners contended that the corporate debtor admitted its liability through letters dated 26.02.2020 and promissory notes. The corporate
…Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli filed a company petition against M/s. Nagasuri Chit Funds Private Limited, seeking initiation of CIRP based on non-payment of Rs. 6,80,00,000/-. The petitioners claimed that the corporate debtor, through its director K. Suryanarayana Raju, executed promissory notes and admitted liability in letters dated 26.02.2020. These letters referred to Rs.1.00 Crore borrowed by his son and Rs.3.00 Crores due towards four chits. The petitioners also claimed to have deposited rupees one crore towards Fixed Deposit. The corporate debtor denied the debt and claimed that the promissory notes and letters were forged. They also argued that as a chit fund company, they are a financial service provider and thus not subject to
…Corporate Debtor…
Financial Creditors approached the Jt.…