Drip Capital Inc. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Janshank Impex Private Limited, the Corporate Debtor, due to a default of USD 2,00,000. The Financial Creditor claimed that they paid this amount to the Corporate Debtor towards assignment of two invoices, based on a term sheet letter dated 24.07.2019 and a Full Recourse Purchase and Security Agreement dated 10.09.2019. The Financial Creditor asserted that the Corporate Debtor was liable to pay the Financial Debt along with accrued interest and charges if the buyers of the goods failed to pay on the invoice due dates.
Drip Capital Inc., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Janshank Impex Private Limited, the corporate debtor. The application was filed due to a default of USD 2,00,000. Drip Capital Inc. had paid this amount to Janshank Impex Private Limited towards the assignment of two invoices, based on a term sheet letter dated 24.07.2019 and a Full Recourse Purchase and Security Agreement dated 10.09.2019. According to the agreement, Janshank Impex Private Limited was liable to pay the financial debt along with accrued interest and charges if the buyers of the goods failed to pay Drip Capital Inc. on the respective invoice due dates. A default cum
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Term sheet letter…
Full Recourse Purchase and Security Agreement…
Drip Capital Inc. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Janshank Impex Private Limited, the Corporate Debtor, due to a default of USD 2,00,000. The Financial Creditor claimed that they paid this amount to the Corporate Debtor towards assignment of two invoices, based on a term sheet letter dated 24.07.2019 and a Full Recourse Purchase and Security Agreement dated 10.09.2019. The Financial Creditor asserted that the Corporate Debtor was liable to pay the Financial Debt along with accrued interest and charges if the buyers of the goods failed to pay on the invoice due dates.
Drip Capital Inc., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Janshank Impex Private Limited, the corporate debtor. The application was filed due to a default of USD 2,00,000. Drip Capital Inc. had paid this amount to Janshank Impex Private Limited towards the assignment of two invoices, based on a term sheet letter dated 24.07.2019 and a Full Recourse Purchase and Security Agreement dated 10.09.2019. According to the agreement, Janshank Impex Private Limited was liable to pay the financial debt along with accrued interest and charges if the buyers of the goods failed to pay Drip Capital Inc. on the respective invoice due dates. A default cum
…Term sheet letter…
Full Recourse Purchase and Security Agreement…