Drip Capital Inc., a financial creditor, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Al Saqib Exports Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application pertains to a default on seven receivables purchased by Drip Capital from Al Saqib Exports on a recourse basis. Drip Capital advanced USD 475,440.00 during July/August 2019, but most of it remained unpaid. The financial creditor sent a demand notice on 2019-11-22 and a legal notice on 2020-01-09 to the corporate debtor.
Drip Capital Inc., an offshore company based in Delaware, USA, engaged in factoring business, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Al Saqib Exports Private Limited, an export company registered in Delhi. The application pertains to a default on seven receivables purchased by Drip Capital from Al Saqib Exports on a recourse basis. Drip Capital advanced USD 475,440.00 during July/August 2019, but most of it remained unpaid by the debtor/consignee beyond the invoice due date. A Receivables Purchase Factoring Agreement (RPFA) was executed between the parties on 2019-03-07. The financial creditor sent a demand notice on 2019-11-22 and a legal notice on 2020-01-09 to the corporate debtor. As of the date of filing the Section 7
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Al Saqib Exports…
Execution of Receivables Purchase Factoring…
Drip Capital Inc., a financial creditor, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Al Saqib Exports Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application pertains to a default on seven receivables purchased by Drip Capital from Al Saqib Exports on a recourse basis. Drip Capital advanced USD 475,440.00 during July/August 2019, but most of it remained unpaid. The financial creditor sent a demand notice on 2019-11-22 and a legal notice on 2020-01-09 to the corporate debtor.
Drip Capital Inc., an offshore company based in Delaware, USA, engaged in factoring business, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Al Saqib Exports Private Limited, an export company registered in Delhi. The application pertains to a default on seven receivables purchased by Drip Capital from Al Saqib Exports on a recourse basis. Drip Capital advanced USD 475,440.00 during July/August 2019, but most of it remained unpaid by the debtor/consignee beyond the invoice due date. A Receivables Purchase Factoring Agreement (RPFA) was executed between the parties on 2019-03-07. The financial creditor sent a demand notice on 2019-11-22 and a legal notice on 2020-01-09 to the corporate debtor. As of the date of filing the Section 7
…Al Saqib Exports…
Execution of Receivables Purchase Factoring…