The case involves a petition filed by Shivas Farma Casa Pvt. Ltd. (Operational Creditor) against Cornileus Pharmaceuticals Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor alleges that the Corporate Debtor defaulted on a total amount of Rs. 1,30,49,063/-, including a principal amount of Rs. 1,08,56,764/- and interest of Rs. 21,92,299/-. The petition seeks the initiation of Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Corporate Debtor denies the allegations, claiming that the application is false and baseless.
Shivas Farma Casa Private Limited (Operational Creditor) filed a petition against Cornileus Pharmaceuticals Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 1,30,49,063/-. The Operational Creditor and Corporate Debtor entered into an Agency Agreement valid from April 1, 2017, to March 31, 2022, for the sale of the Corporate Debtor's products. The Operational Creditor secured orders from overseas buyers, and the Corporate Debtor manufactured and dispatched the products, raising invoices and receiving consideration. The Corporate Debtor was supposed to pay a commission to the Operational Creditor, typically by the 7th of each month. However, from February 2018 to March 2019, the Corporate Debtor
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Operational Creditor and Corporate Debtor…
Corporate Debtor…
The case involves a petition filed by Shivas Farma Casa Pvt. Ltd. (Operational Creditor) against Cornileus Pharmaceuticals Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor alleges that the Corporate Debtor defaulted on a total amount of Rs. 1,30,49,063/-, including a principal amount of Rs. 1,08,56,764/- and interest of Rs. 21,92,299/-. The petition seeks the initiation of Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Corporate Debtor denies the allegations, claiming that the application is false and baseless.
Shivas Farma Casa Private Limited (Operational Creditor) filed a petition against Cornileus Pharmaceuticals Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 1,30,49,063/-. The Operational Creditor and Corporate Debtor entered into an Agency Agreement valid from April 1, 2017, to March 31, 2022, for the sale of the Corporate Debtor's products. The Operational Creditor secured orders from overseas buyers, and the Corporate Debtor manufactured and dispatched the products, raising invoices and receiving consideration. The Corporate Debtor was supposed to pay a commission to the Operational Creditor, typically by the 7th of each month. However, from February 2018 to March 2019, the Corporate Debtor
…Operational Creditor and Corporate Debtor…
Corporate Debtor…