The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. J. Mohan Babu, Proprietor of M/s. Annai Audit Firm (Financial Creditor), against Ramya Outsourcing Solutions Private Limited (Corporate Debtor). The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor claimed a debt of Rs. 1,15,21,900 as of June 2021, along with additional and penal interest. The Corporate Debtor acknowledged the debt in a counter-affidavit. However, the Adjudicating Authority noted discrepancies in the Financial Creditor's documents, including the absence of a registered charge with
…Mr. J. Mohan Babu, Proprietor of M/s. Annai Audit Firm, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ramya Outsourcing Solutions Private Limited, seeking to initiate CIRP. The Financial Creditor claimed a debt of Rs. 1,15,21,900 as of June 2021, along with additional interest at 12% p.a. from June 2021 and penal interest at 9% p.a. from 15.04.2021. The date of default was averred as 15.04.2021. The Corporate Debtor had approached the Financial Creditor for short-term loans to meet financial commitments and working capital requirements. The Applicant disbursed Rs. 50,00,000 in July and August 2019. An MOU was entered on 22.03.2021, acknowledging old dues of Rs. 59,53,424 and a further loan not exceeding Rs. 55,00,000,
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Mr. J. Mohan Babu filed…
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. J. Mohan Babu, Proprietor of M/s. Annai Audit Firm (Financial Creditor), against Ramya Outsourcing Solutions Private Limited (Corporate Debtor). The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor claimed a debt of Rs. 1,15,21,900 as of June 2021, along with additional and penal interest. The Corporate Debtor acknowledged the debt in a counter-affidavit. However, the Adjudicating Authority noted discrepancies in the Financial Creditor's documents, including the absence of a registered charge with
…Mr. J. Mohan Babu, Proprietor of M/s. Annai Audit Firm, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ramya Outsourcing Solutions Private Limited, seeking to initiate CIRP. The Financial Creditor claimed a debt of Rs. 1,15,21,900 as of June 2021, along with additional interest at 12% p.a. from June 2021 and penal interest at 9% p.a. from 15.04.2021. The date of default was averred as 15.04.2021. The Corporate Debtor had approached the Financial Creditor for short-term loans to meet financial commitments and working capital requirements. The Applicant disbursed Rs. 50,00,000 in July and August 2019. An MOU was entered on 22.03.2021, acknowledging old dues of Rs. 59,53,424 and a further loan not exceeding Rs. 55,00,000,
…Mr. J. Mohan Babu filed…
A legal notice was…