The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Zheijang Tongxiang Foreign Trade (Group) Co. (Operational Creditor) against Apex Drugs Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to pay an outstanding operational debt of USD 4,97,730 for goods purchased between June 2015 and October 2015. The Corporate Debtor allegedly admitted liability but sought time for payment and later stopped responding to communications. A demand notice was issued on 03.10.2017 and served on 16.11.2017, but no payment was received.
Zheijang Tongxiang Foreign Trade (Group) Co., an exporter of chemicals and pharmaceutical intermediates from China, is the Operational Creditor. Apex Drugs Limited, the Corporate Debtor, with its registered office in Hyderabad, purchased goods worth USD 3,71,440 from the Operational Creditor between June 2015 and October 2015 on 120 days clean credit. On 16.08.2016, the Operational Creditor, through its agent Excel International, informed the Corporate Debtor about the outstanding dues. The Corporate Debtor allegedly admitted liability and sought time for payment but failed to pay the outstanding operational debt of USD 4,97,730. A demand notice was issued on 03.10.2017 and served on 16.11.2017. The Corporate Debtor did not respond to the demand notice and remained
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Corporate Debtor placed…
Operational Creditor…
The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Zheijang Tongxiang Foreign Trade (Group) Co. (Operational Creditor) against Apex Drugs Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to pay an outstanding operational debt of USD 4,97,730 for goods purchased between June 2015 and October 2015. The Corporate Debtor allegedly admitted liability but sought time for payment and later stopped responding to communications. A demand notice was issued on 03.10.2017 and served on 16.11.2017, but no payment was received.
Zheijang Tongxiang Foreign Trade (Group) Co., an exporter of chemicals and pharmaceutical intermediates from China, is the Operational Creditor. Apex Drugs Limited, the Corporate Debtor, with its registered office in Hyderabad, purchased goods worth USD 3,71,440 from the Operational Creditor between June 2015 and October 2015 on 120 days clean credit. On 16.08.2016, the Operational Creditor, through its agent Excel International, informed the Corporate Debtor about the outstanding dues. The Corporate Debtor allegedly admitted liability and sought time for payment but failed to pay the outstanding operational debt of USD 4,97,730. A demand notice was issued on 03.10.2017 and served on 16.11.2017. The Corporate Debtor did not respond to the demand notice and remained
…Corporate Debtor placed…
Operational Creditor…