Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against FTF Pharma Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application stemmed from an alleged outstanding debt of Rs.2,18,03,319/- arising from a Technology Transfer Agreement dated 04.05.2022. Under this agreement, FTF Pharma was to transfer technology to Immacule Lifesciences for manufacturing pharmaceutical products. Immacule Lifesciences claimed to have completed milestones 2 and 3, and incurred costs for third-party lab testing, for which invoices were raised but remained unpaid despite a demand notice.
Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of the IBC against FTF Pharma Private Limited (Corporate Debtor) for initiation of CIRP.
The total outstanding debt claimed by the Operational Creditor is Rs.2,18,03,319/-.
The Operational Creditor and Corporate Debtor entered into a Technology Transfer Agreement dated 04.05.2022.
Under the agreement, the Corporate Debtor was to transfer technology for manufacturing pharmaceutical products to the Operational Creditor.
Milestone 1 of the agreement was completed and duly paid for by the Corporate Debtor.
The Operational Creditor claims to have achieved Milestone 2 on 10.05.2023 and Milestone 3 (six-month stability data) in November 2023.
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Petitioner issued purchase order for…
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Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against FTF Pharma Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application stemmed from an alleged outstanding debt of Rs.2,18,03,319/- arising from a Technology Transfer Agreement dated 04.05.2022. Under this agreement, FTF Pharma was to transfer technology to Immacule Lifesciences for manufacturing pharmaceutical products. Immacule Lifesciences claimed to have completed milestones 2 and 3, and incurred costs for third-party lab testing, for which invoices were raised but remained unpaid despite a demand notice.
Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of the IBC against FTF Pharma Private Limited (Corporate Debtor) for initiation of CIRP.
The total outstanding debt claimed by the Operational Creditor is Rs.2,18,03,319/-.
The Operational Creditor and Corporate Debtor entered into a Technology Transfer Agreement dated 04.05.2022.
Under the agreement, the Corporate Debtor was to transfer technology for manufacturing pharmaceutical products to the Operational Creditor.
Milestone 1 of the agreement was completed and duly paid for by the Corporate Debtor.
The Operational Creditor claims to have achieved Milestone 2 on 10.05.2023 and Milestone 3 (six-month stability data) in November 2023.
…Operational Creditor…
Petitioner issued purchase order for…
Sign in to view related legal provisions.