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 factoring arrangement where Drip Capital purchased receivables from Nila Logistics.
Drip Capital INC filed a petition under Section 7 of the IBC against Nila Logistics LLP.
The petition relates to a financial debt arising from a factoring arrangement.
Drip Capital INC purchased receivables from Nila Logistics LLP.
The amount in default is USD 317,760 as of 30.06.2023.
Nila Logistics LLP admitted to the contractual relationship with Drip Capital INC.
Nila Logistics LLP raised concerns regarding FEMA compliance and jurisdiction.
The Corporate Debtor supplied 9600 metric tons of rock boulders to consignees in Maldives.
The Petitioner issued demand notices to the Corporate Debtor to clear outstanding dues.
The Corporate Debtor received 80% remittance against the said invoices which were not paid by the buyers/consignees.
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Purchase Orders dated…
Date of defa…
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 factoring arrangement where Drip Capital purchased receivables from Nila Logistics.
Drip Capital INC filed a petition under Section 7 of the IBC against Nila Logistics LLP.
The petition relates to a financial debt arising from a factoring arrangement.
Drip Capital INC purchased receivables from Nila Logistics LLP.
The amount in default is USD 317,760 as of 30.06.2023.
Nila Logistics LLP admitted to the contractual relationship with Drip Capital INC.
Nila Logistics LLP raised concerns regarding FEMA compliance and jurisdiction.
The Corporate Debtor supplied 9600 metric tons of rock boulders to consignees in Maldives.
The Petitioner issued demand notices to the Corporate Debtor to clear outstanding dues.
The Corporate Debtor received 80% remittance against the said invoices which were not paid by the buyers/consignees.
Purchase Orders dated…
Date of defa…