# In the matter of Nila Logistics LLP

> NCLT judgment dated 2025-11-25. Citation: TCN-2025-NCLT-01833. Drip Capital INC, a financial creditor, filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Nov 2025
- **Citation:** TCN-2025-NCLT-01833
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/nila-logistics-llp-595451fd

## Summary

### Background

Drip Capital INC, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nila Logistics LLP, the corporate debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The petition pertains to a financial debt arising from a receivables purchase agreement.

## Facts

Drip Capital INC filed a petition under Section 7 of the IBC against Nila Logistics LLP.

The petition is based on a financial debt arising from a receivables purchase agreement.

The amount in default is USD 317,760 as of 30.06.2023, equivalent to INR 2,63,74,059.

Nila Logistics LLP admitted to a contractual relationship with Drip Capital INC but raised concerns about FEMA compliance and jurisdiction.

The Corporate Debtor supplied 9600 metric tons of rock boulders to consignees in the Maldives.

Drip Capital INC issued demand notices to Nila Logistics LLP for the outstanding dues.

The Corporate Debtor received 80% remittance against the invoices which were not paid by the buyers/consignees.

…

## Issues and analysis

### Issue 1: Whether a financial debt exists as …

**Ratio:** Section 5(8)(e) of the IBC defines financial debt to include receivables sold on a

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**Reasoning:** The Corporate Debtor availed export credit facility from the Petitioner, and the

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**Interpretation:** The Adjudicating Authority interpreted the receivables purchase agreement and

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**Application:** The Adjudicating Authority applied the definition of financial debt to the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Drip Capit…
- **Respondents:** Nila Logist…
- **Other parties:** Primus Insolvency…
- **Advocates:** Shri. Dinesh…; Shri. B. Su…

## Timeline

- **2023-03-03 — Purchase…**: Purchase Orders dated 03.03.2023 and 01.04.2023…
- **2023-06-30 — Date of D…**: Date of default is…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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