M/s. Shree Dhanvantari Pharmaceuticals (Appellant), a partnership firm, filed a Section 7 IBC application against M/s. Konkan Ayur Pharma Private Limited (Corporate Debtor) for unpaid loans totaling ₹.2,26,45,568/- (plus interest). The Adjudicating Authority dismissed the application citing lack of clarity on the date of default, absence of material, want of proper authority, and partner disputes within the appellant firm. The present appeal challenges this dismissal.
The Appellant, M/s. Shree Dhanvantari Pharmaceuticals, is a partnership firm engaged in the development, manufacture, and trading of Ayurvedic medicines.
The Corporate Debtor, M/s. Konkan Ayur Pharma Private Limited, was incorporated on 27.08.2008 under an AYUSH cluster initiative.
The Appellant claims to have advanced loans totaling ₹.2,26,45,568/- to the Corporate Debtor, which remained unpaid.
With 18% interest per annum, a sum of ₹.3,55,54,900/- became due and payable.
On 14.05.2022, the Appellant issued a demand notice to the Corporate Debtor for repayment.
Upon the Corporate Debtor's failure to repay, the Appellant filed a petition under Section 7 of the IBC for initiating CIRP.
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The petitioner/appellant…
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M/s. Shree Dhanvantari Pharmaceuticals (Appellant), a partnership firm, filed a Section 7 IBC application against M/s. Konkan Ayur Pharma Private Limited (Corporate Debtor) for unpaid loans totaling ₹.2,26,45,568/- (plus interest). The Adjudicating Authority dismissed the application citing lack of clarity on the date of default, absence of material, want of proper authority, and partner disputes within the appellant firm. The present appeal challenges this dismissal.
The Appellant, M/s. Shree Dhanvantari Pharmaceuticals, is a partnership firm engaged in the development, manufacture, and trading of Ayurvedic medicines.
The Corporate Debtor, M/s. Konkan Ayur Pharma Private Limited, was incorporated on 27.08.2008 under an AYUSH cluster initiative.
The Appellant claims to have advanced loans totaling ₹.2,26,45,568/- to the Corporate Debtor, which remained unpaid.
With 18% interest per annum, a sum of ₹.3,55,54,900/- became due and payable.
On 14.05.2022, the Appellant issued a demand notice to the Corporate Debtor for repayment.
Upon the Corporate Debtor's failure to repay, the Appellant filed a petition under Section 7 of the IBC for initiating CIRP.
…The petitioner/appellant…
The Corporate Debtor…