Drip Capital Inc. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrant FAB Pvt. Ltd. Drip Capital Inc., a financial creditor, claimed that Vibrant FAB Pvt. Ltd. had defaulted on payments related to assigned invoices. The financial creditor had disbursed USD 300,000 to the corporate debtor against two invoices. The date of default was stated as January 20, 2020.
Drip Capital Inc. (Financial Creditor) filed a petition against Vibrant FAB Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had granted an aggregate amount of USD 300,000.00 to the Corporate Debtor towards assignment of its two invoices, disbursed on 30.08.2019 and 11.09.2019. As of 31st January 2020, the default amount under the Agreement read with Undertaking is USD 3,15,168.15 approximately equivalent to INR 2,24,80,994.13. The date of default is 20th January, 2020. The Financial Creditor submitted documents including the Receivables Purchase Factoring Agreement dated 04.06.2019 and an Irrevocable Undertaking dated 04.06.2019. The
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Vibrant FAB Pv…
Term sheet letter containing the in-principle…
Drip Capital Inc. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrant FAB Pvt. Ltd. Drip Capital Inc., a financial creditor, claimed that Vibrant FAB Pvt. Ltd. had defaulted on payments related to assigned invoices. The financial creditor had disbursed USD 300,000 to the corporate debtor against two invoices. The date of default was stated as January 20, 2020.
Drip Capital Inc. (Financial Creditor) filed a petition against Vibrant FAB Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had granted an aggregate amount of USD 300,000.00 to the Corporate Debtor towards assignment of its two invoices, disbursed on 30.08.2019 and 11.09.2019. As of 31st January 2020, the default amount under the Agreement read with Undertaking is USD 3,15,168.15 approximately equivalent to INR 2,24,80,994.13. The date of default is 20th January, 2020. The Financial Creditor submitted documents including the Receivables Purchase Factoring Agreement dated 04.06.2019 and an Irrevocable Undertaking dated 04.06.2019. The
…Vibrant FAB Pv…
Term sheet letter containing the in-principle…