Jinan K.R, Member - (1.) Srikanta Sarda (Financial Creditor) filed this application under section 7 of the IBC, 2016 read with Rule 4 of the of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 for corporate insolvency resolution process against the respondent M/s. TANSWAY MARKETING PRIVATE LIMITED (Corporate Debtor) . Brief facts as construed from the perusal of the records are the following:-
(2.) The corporate debtor/respondent had availed a cash loan of Rs.5,00,000/- (Five Lakh Only) from the (Financial Creditor) Smt. Srikanta Sarda/petitioner. The petitioner, Smt. Srikanta Sarda alleged that she had sanctioned a cash loan of five lakh to the respondent as per a letter dated 17.08.2016 issued by the respondent duly signed by its director Mr. Mukesh Kumar Singal. The above-said letter allegedly is a promissory note. A copy of the said promissory note is produced, marked and annexed as " Exhibit-B".
(3.) The petitioner further alleged that vide Exhibit-B the respondent promised to repay the above-said amount after enjoying it for four months. According to the petitioner since the respondent defaulted repayment of the amount as promised it is liable to pay the amount with interest @15% p.a and that despite repeated demand notice respondent failed to repay the amount as per the terms agreed in between them and as stipulated in the said agreement.;