Rishima SA Investments LLC (Mauritius) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) challenging the rejection of its claim by the Resolution Professional (RP) of Sarga Hotel Pvt Ltd (Corporate Debtor). Rishima sought directions from the Adjudicating Authority to allow its claim of Rs. 1,32,89,75,268.00 as a financial debt or, alternatively, as 'other debts', and to allow it to participate in the Committee of Creditors (CoC) meetings. The claim stemmed from foreign arbitral awards related to a breach of a Share Subscription and Shareholders Agreement (SSHA) where SIDCL and the Corporate Debtor failed to purchase Rishima's shareholding at an agreed price.
Rishima SA Investments LLC (Mauritius) invested Rs. 80 Crore to acquire 35% shareholding in Sarga Hotel Pvt Ltd (Corporate Debtor). A Share Subscription and Shareholders Agreement (SSHA) was made between Rishima, SIDCL, and the Corporate Debtor. According to the SSHA, SIDCL/Corporate Debtor was obliged to purchase Rishima's shareholding at a price equivalent to the invested amount plus a 25% per annum return (IRR). SIDCL and the Corporate Debtor failed to purchase the shareholding, leading to a breach of the SSHA. Rishima initiated arbitration under the Singapore Arbitration Act 2001, resulting in foreign arbitral awards directing SIDCL and the Corporate Debtor to pay Rs. 132,39,33,646/- plus legal costs. Rishima filed Form C with the Resolution Professional (RP) of
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Partial award…
Delhi High Court's…
Rishima SA Investments LLC (Mauritius) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) challenging the rejection of its claim by the Resolution Professional (RP) of Sarga Hotel Pvt Ltd (Corporate Debtor). Rishima sought directions from the Adjudicating Authority to allow its claim of Rs. 1,32,89,75,268.00 as a financial debt or, alternatively, as 'other debts', and to allow it to participate in the Committee of Creditors (CoC) meetings. The claim stemmed from foreign arbitral awards related to a breach of a Share Subscription and Shareholders Agreement (SSHA) where SIDCL and the Corporate Debtor failed to purchase Rishima's shareholding at an agreed price.
Rishima SA Investments LLC (Mauritius) invested Rs. 80 Crore to acquire 35% shareholding in Sarga Hotel Pvt Ltd (Corporate Debtor). A Share Subscription and Shareholders Agreement (SSHA) was made between Rishima, SIDCL, and the Corporate Debtor. According to the SSHA, SIDCL/Corporate Debtor was obliged to purchase Rishima's shareholding at a price equivalent to the invested amount plus a 25% per annum return (IRR). SIDCL and the Corporate Debtor failed to purchase the shareholding, leading to a breach of the SSHA. Rishima initiated arbitration under the Singapore Arbitration Act 2001, resulting in foreign arbitral awards directing SIDCL and the Corporate Debtor to pay Rs. 132,39,33,646/- plus legal costs. Rishima filed Form C with the Resolution Professional (RP) of
…Partial award…
Delhi High Court's…