Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant/Debtor) filed an application under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in paying debts. The company cited a flood in 2019 causing a Rs 4 Crore loss and the COVID-19 pandemic as reasons for business decline and inability to pay creditors. The total debt is Rs. 17,47,51,951/-, comprising both unsecured financial and operational creditors. Several operational creditors (Associated Biotech, Agron Remedies Pvt. Ltd, Phytochem Healthcare, Three B Healthcare Limited, M.R. Healthcare Pvt. Ltd) objected, alleging the application was filed to evade legitimate liabilities, lacked proper documentation (audited financial statements, shareholder resolution),
…M/s Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant) filed an application under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP).
The Corporate Applicant defaulted in paying a debt of Rs. 17,47,51,951/-, comprising both unsecured financial and operational creditors.
Futurelife Pharmaceuticals Pvt Ltd is incorporated under the Companies Act, 1956, with CIN No. U24230GJ2013PTC077906 and is engaged in the pharma products business.
A flood occurred in Vadodara on August 1, 2019, causing water ingress into the applicant's godown, damaging raw materials and medicines, leading to a financial loss of approximately Rs 4 Crore.
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A flood occurred in Vadodara city due to heavy…
Invoice No. MRHC/19-20/0…
Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant/Debtor) filed an application under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in paying debts. The company cited a flood in 2019 causing a Rs 4 Crore loss and the COVID-19 pandemic as reasons for business decline and inability to pay creditors. The total debt is Rs. 17,47,51,951/-, comprising both unsecured financial and operational creditors. Several operational creditors (Associated Biotech, Agron Remedies Pvt. Ltd, Phytochem Healthcare, Three B Healthcare Limited, M.R. Healthcare Pvt. Ltd) objected, alleging the application was filed to evade legitimate liabilities, lacked proper documentation (audited financial statements, shareholder resolution),
…M/s Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant) filed an application under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP).
The Corporate Applicant defaulted in paying a debt of Rs. 17,47,51,951/-, comprising both unsecured financial and operational creditors.
Futurelife Pharmaceuticals Pvt Ltd is incorporated under the Companies Act, 1956, with CIN No. U24230GJ2013PTC077906 and is engaged in the pharma products business.
A flood occurred in Vadodara on August 1, 2019, causing water ingress into the applicant's godown, damaging raw materials and medicines, leading to a financial loss of approximately Rs 4 Crore.
…A flood occurred in Vadodara city due to heavy…
Invoice No. MRHC/19-20/0…