S.No.1

IN THE NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH – 1

VC AND PHYSCIAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

01-04-2024 AT 10:30 AM

CP(IB) No. 93/7/HDB/2023

u/s. 7 of IBC, 2016

IN THE MATTER OF:

Smt. Neeraja Kanumili …Financial Creditor

AND

Nagasuri Chit funds Pvt Ltd …Corporate Debtor

C O R A M:-

DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL)

SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

O R D E R

Orders pronounced. In the result, this company petition is rejected. No costs.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Swapna

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – I CP (IB) No. 93/7/HDB/2023 Under Section 7 of the Insolvency & Bankruptcy Code, 2016 and Rule 4 of Insolvency and Bankruptcy (application to adjudicating authority) Rules, 2016.

In the matter of M/s. Nagasuri Chit Funds Private Limited

1. Mr. Venkata Vara Prasad Kanumilli S/o. Late Nagabushanam, Age: 55 years, Occ: Business, R/o. Flat No.303, A-Block, 3^rd Floor, JMR White Lotus, Shaikpet, Hyderabad.

2. Smt. Neeraja Kanumilli, W/o. Venkata Vara Prasad Kanumilli, Age: 47 years, Occ: Business, R/o. Flat No.303, A-Block, 3^rd Floor, JMR White Lotus, Shaikpet, Hyderabad. … Financial Creditors Versus M/s. Nagasuri Chit Funds Private Limited, Having its registered office at Flat No.601, Nagasuri Plaza, 7-1-419/10N/31, Behind Marivanam, Ameerpet, Hyderabad.

… Corporate Debtor Date of Order: 1^st April 2024 CORAM:-

DR. VENKATA RAMAKRISHNA BADARINATH NANDULA HON’BLE MEMBER (JUDICIAL)

SHRI CHARAN SINGH HON’BLE MEMBER (TECHNICAL)

Appearance of Counsel :

For the Financial Creditors : Mr. P.Amarender Reddy, Advocate For the Corporate Debtor : Mr. S.Ravi, Sr. Counsel and Mr. M.Naga Deepak, Advocate PER: BENCH

1. This Company Petition is filed by Mr. Venkata Vara Prasad Kanumilli and Smt. Neeraja Kanumilli, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) against M/s. Nagasuri Chit Funds Private Limited, alleging non-payment of Rs. 6,80,00,000/- (Rupees Six Crores Eighty Lakhs Only), including interest which is said to be due and payable as on 10.02.2023, by Corporate Debtor to Financial Creditor, under the promissory notes said to have been executed by K.

Suryanarayana Raju on behalf of the respondent, 2. The averments put forth by the Petitioners/ Financial Creditor are:

2.1 It is averred that the Corporate Debtor/M/s. Nagasuri Chit Funds Private Limited represented by its Managing Director Mr. Suryanarayana Raju addressed a letter dated 26.02.2020 to the Financial Creditors duly affixed with Common seal of the Company, wherein the Corporate Debtor has referred to Rs.1.00 Crore borrowed by his son Mr.

Satyanarayana Raju (Director of the Corporate Debtor) and Rs.3.00 Crores due towards four chits: Group B1 – Chit No’s. 18 and 19 for Rs.1.00 Crore each (Rs.2.00 Crores) and Chit Group No. B2 – Chit Nos. 14 and 15 for Rs.50.00 lakhs each (Rs.1.00 Crore) due to Smt. Neeraja (Petitioner No.2), which were completed in August, 2019 and sought 6 months’ time to settle the dues and offered to pay interest at 24% PA on the dues till that time.

2.2 It is submitted that the Corporate Debtor represented by Managing Director Mr. Suryanarayana also gave 6 (Six) Promissory Notes, under his signature for a total value of Rs.4,00,00,000/- (Rupees Four Crores only) – Two promissory notes of Rs.1,00,00,000/- (Rupees One Crore only) each and four (4)

Promissory notes of Rs.50,00,000/- (Rupees Fifty Lakh only) each. It is stated that the Corporate Debtor has admitted its liability issued the letters dated 26.02.2020 filed as Annexure-E & F as well as Promissory Notes filed as Annexure-G undertaking to pay the Petitioners .

2.3 It is stated that, as the said amount was not paid despite demands, the Financial Creditors have approached t