Initiation of CIRP - Financial Creditors or Operational ...

Insolvency and Bankruptcy

March 29, 2023

Initiation of CIRP - Financial Creditors or Operational creditors - Upon execution of agreement of COR, the Appellant as a Financier discounted the invoice and deposited the amounts into an escrow/nodal account maintained by KredX with an escrow/nodal agent, namely, Yes Bank Limited who further transferred the said amount to the account of the Seller and on receiving, the Seller transferred its right to receive the money under the invoices in favour of the Financiers/Appellants. - In this transaction, the money was never disbursed much less for the time value as a financial debt to the Corporate Debtor - Application u/s 7 rightly rejected - AT

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Initiation of CIRP - Financial Creditors or Operational ...

Insolvency and Bankruptcy

March 29, 2023

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