Dr. Reddy's Laboratories Limited filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Inter Labs (India) Private Limited. The petitioner and respondent entered into a Manufacturing and Supply Agreement on May 25, 2007, where the respondent was to manufacture and supply products using raw materials supplied by the petitioner. The petitioner claimed that the respondent failed to supply finished products and instead disposed of raw materials and finished products to third parties, resulting in financial losses for the petitioner. The petitioner issued a demand notice on 22/22/2013, seeking payment of Rs. 11,52,98,673/- which was pending as on 30/10/2013. The respondent acknowledged the debt but
…Dr. Reddy's Laboratories Limited (the Petitioner) and Inter Labs (India) Private Limited (the Respondent) entered into a Manufacturing and Supply Agreement on May 25, 2007. Under the agreement, the Petitioner was to supply raw materials, and the Respondent was to manufacture and supply finished products. The Petitioner claims that it supplied raw materials, but the Respondent failed to supply finished products and instead disposed of the materials to third parties, causing financial losses to the Petitioner. The Petitioner issued a demand notice on 22/22/2013 for Rs. 11,52,98,673/-. The Respondent acknowledged the debt in a letter dated 26/12/2014 but failed to clear the outstanding amount. The Respondent later claimed disputes and counterclaims, alleging short supply
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Dr. Reddy's Laboratories Limited and Inter…
Rs. 11,52,98,6…
Dr. Reddy's Laboratories Limited filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Inter Labs (India) Private Limited. The petitioner and respondent entered into a Manufacturing and Supply Agreement on May 25, 2007, where the respondent was to manufacture and supply products using raw materials supplied by the petitioner. The petitioner claimed that the respondent failed to supply finished products and instead disposed of raw materials and finished products to third parties, resulting in financial losses for the petitioner. The petitioner issued a demand notice on 22/22/2013, seeking payment of Rs. 11,52,98,673/- which was pending as on 30/10/2013. The respondent acknowledged the debt but
…Dr. Reddy's Laboratories Limited (the Petitioner) and Inter Labs (India) Private Limited (the Respondent) entered into a Manufacturing and Supply Agreement on May 25, 2007. Under the agreement, the Petitioner was to supply raw materials, and the Respondent was to manufacture and supply finished products. The Petitioner claims that it supplied raw materials, but the Respondent failed to supply finished products and instead disposed of the materials to third parties, causing financial losses to the Petitioner. The Petitioner issued a demand notice on 22/22/2013 for Rs. 11,52,98,673/-. The Respondent acknowledged the debt in a letter dated 26/12/2014 but failed to clear the outstanding amount. The Respondent later claimed disputes and counterclaims, alleging short supply
…Dr. Reddy's Laboratories Limited and Inter…
Rs. 11,52,98,6…