LegalPay, a third-party litigation funding startup, has picked up a strategic minority stake in Padmalaya Finserve, a Gujarat-based non-banking finance company (NBFC).
The NBFC intends to lend approximately Rs1,000 crore to companies undergoing the Corporate Insolvency Resolution Process for legal expenses and interim financing (CIRP).
Padmalaya Finserve is owned by Goldi Solar, a Surat-based solar manufacturing company.
LegalPay, founded in 2020, is the country’s first litigation funding platform. In the legal and insolvency markets, it offers embedded financing.
Goldi Solar, based in Surat, manufactures solar panels and offers EPC services.
According to the most recent data from the Insolvency and Bankruptcy Board of India (IBBI), 5,893 companies were admitted under the CIRP as of September 30. 3,946 of these have been completed. Furthermore, the data indicates that of the CIRPs that were closed, corporate debtor companies were rescued in 2,139 cases.
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