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 Hotels 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 a price equivalent to the invested amount plus a 25% per annum return.
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) stipulated that SIDCL and the Corporate Debtor were obliged to purchase Rishima's shareholding at a price equivalent to the invested amount plus a 25% per annum return (IRR). Due 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 the Corporate Debtor, claiming the amount as a financial debt. The RP rejected the claim, leading Rishima to file Form F as 'other
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Hon'ble Delhi High Court in its interim order…
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 Hotels 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 a price equivalent to the invested amount plus a 25% per annum return.
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) stipulated that SIDCL and the Corporate Debtor were obliged to purchase Rishima's shareholding at a price equivalent to the invested amount plus a 25% per annum return (IRR). Due 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 the Corporate Debtor, claiming the amount as a financial debt. The RP rejected the claim, leading Rishima to file Form F as 'other
…Partial award…
Hon'ble Delhi High Court in its interim order…