The case involves an application filed by Sun Pharmaceutical Industries Ltd. (erstwhile Ranbaxy Laboratories Ltd.) as an Operational Creditor against Fortis Clinical Research Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 5,95,27,000/- due from the Corporate Debtor. A Master Service Agreement was executed between the parties on 23.04.2010 for conducting Bioavailability/Bioequivalence studies. An amendment agreement was also executed terminating the Master Service agreement, where the Corporate Debtor agreed to refund Rs. 7 crores by 31st December, 2015. The Corporate Debtor made a part payment of Rs. 1,04,73,000/-, leaving the outstanding balance.
Sun Pharmaceutical Industries Ltd. (formerly Ranbaxy Laboratories Ltd.) is an Operational Creditor engaged in pharmaceutical formulations. Fortis Clinical Research Ltd. is a Corporate Debtor engaged in clinical research. A Master Service Agreement was executed on 2010-04-23 between the parties for Bioavailability/Bioequivalence studies. An amendment agreement terminated the Master Service Agreement, with the Corporate Debtor agreeing to refund Rs. 7 crores by 2015-12-31. The Corporate Debtor made a part payment of Rs. 1,04,73,000/-, leaving an outstanding balance of Rs. 5,95,27,000/-. The Operational Creditor issued a demand notice on 2018-04-16, which was not replied to. The Corporate Debtor opposed the petition, claiming it was time-barred. The Operational Creditor
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A Master Service Agreement was executed…
An amendment agreement was executed,…
The case involves an application filed by Sun Pharmaceutical Industries Ltd. (erstwhile Ranbaxy Laboratories Ltd.) as an Operational Creditor against Fortis Clinical Research Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 5,95,27,000/- due from the Corporate Debtor. A Master Service Agreement was executed between the parties on 23.04.2010 for conducting Bioavailability/Bioequivalence studies. An amendment agreement was also executed terminating the Master Service agreement, where the Corporate Debtor agreed to refund Rs. 7 crores by 31st December, 2015. The Corporate Debtor made a part payment of Rs. 1,04,73,000/-, leaving the outstanding balance.
Sun Pharmaceutical Industries Ltd. (formerly Ranbaxy Laboratories Ltd.) is an Operational Creditor engaged in pharmaceutical formulations. Fortis Clinical Research Ltd. is a Corporate Debtor engaged in clinical research. A Master Service Agreement was executed on 2010-04-23 between the parties for Bioavailability/Bioequivalence studies. An amendment agreement terminated the Master Service Agreement, with the Corporate Debtor agreeing to refund Rs. 7 crores by 2015-12-31. The Corporate Debtor made a part payment of Rs. 1,04,73,000/-, leaving an outstanding balance of Rs. 5,95,27,000/-. The Operational Creditor issued a demand notice on 2018-04-16, which was not replied to. The Corporate Debtor opposed the petition, claiming it was time-barred. The Operational Creditor
…A Master Service Agreement was executed…
An amendment agreement was executed,…