Drip Capital Inc. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against Sumarrow Impex LLP, claiming a default of Rs.1,76,62,185/- (USD 211,346) with a default date of 10.01.2024. The Financial Creditor and Corporate Debtor entered into a Receivables Purchase Agreement dated 13.06.2023.
Drip Capital Inc. filed an application under Section 7 of the IBC against Sumarrow Impex LLP.
The claimed default amount is Rs.1,76,62,185/- (USD 211,346), with a default date of 10.01.2024.
A Receivables Purchase Agreement was entered into between the parties on 13.06.2023.
The Financial Creditor disbursed USD 256,932 to the Corporate Debtor between 23.06.2023 and 30.08.2023.
The Corporate Debtor argued that the Petitioner is not a 'Financial Creditor' due to lack of RBI approval.
The Corporate Debtor contended that the Receivables Purchase Agreement is governed by Delaware law and contains an arbitration clause.
The Financial Creditor argued that the debt is a financial debt under Section 5(8)(e) of the IBC.
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Receivables Purchase Agreement dated…
The date of de…
Drip Capital Inc. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against Sumarrow Impex LLP, claiming a default of Rs.1,76,62,185/- (USD 211,346) with a default date of 10.01.2024. The Financial Creditor and Corporate Debtor entered into a Receivables Purchase Agreement dated 13.06.2023.
Drip Capital Inc. filed an application under Section 7 of the IBC against Sumarrow Impex LLP.
The claimed default amount is Rs.1,76,62,185/- (USD 211,346), with a default date of 10.01.2024.
A Receivables Purchase Agreement was entered into between the parties on 13.06.2023.
The Financial Creditor disbursed USD 256,932 to the Corporate Debtor between 23.06.2023 and 30.08.2023.
The Corporate Debtor argued that the Petitioner is not a 'Financial Creditor' due to lack of RBI approval.
The Corporate Debtor contended that the Receivables Purchase Agreement is governed by Delaware law and contains an arbitration clause.
The Financial Creditor argued that the debt is a financial debt under Section 5(8)(e) of the IBC.
…Receivables Purchase Agreement dated…
The date of de…