M/s. Sun Pharmaceutical Industries Ltd. filed an application seeking directions to lift raw materials in the possession of the Corporate Debtor, M/s. Parabolic Drugs Ltd., which is under the control of the Resolution Professional. Weather Makers Pvt. Ltd. had initiated CIRP against Parabolic Drugs Ltd. under Section 9 of IBC, and a moratorium was declared. Sun Pharmaceutical Industries Ltd. had a manufacturing agreement with Parabolic Drugs Ltd. to manufacture a drug (Cefaclor), with Sun Pharmaceutical supplying the raw materials. Sun Pharmaceutical sought the return of the raw materials, arguing that they were not 'essential supplies' and that Section 14 of IBC did not apply. The CoC had previously voted against releasing the goods.
M/s. Sun Pharmaceutical Industries Ltd. (Sun Pharma) filed an application to lift raw materials from M/s. Parabolic Drugs Ltd. (Parabolic Drugs), which is undergoing Corporate Insolvency Resolution Process (CIRP). Weather Makers Pvt. Ltd. initiated CIRP against Parabolic Drugs under Section 9 of the Insolvency and Bankruptcy Code (IBC). A moratorium was imposed under Section 14 of IBC. Sun Pharma and Parabolic Drugs had a 'Manufacturing & Supply Agreement' dated 2010-02-11, where Parabolic Drugs would manufacture a drug (Cefaclor) for Sun Pharma, with Sun Pharma supplying the raw materials. Sun Pharma supplied raw materials worth ₹14.01 crores and ₹20.10 crores between January 2016 and October 2018. Sun Pharma was not allowed to visit the manufacturing unit after
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A Petition u/s 9 of IBC was submitted by Weather…
Sun Pharmaceutical Industries Ltd. entered…
M/s. Sun Pharmaceutical Industries Ltd. filed an application seeking directions to lift raw materials in the possession of the Corporate Debtor, M/s. Parabolic Drugs Ltd., which is under the control of the Resolution Professional. Weather Makers Pvt. Ltd. had initiated CIRP against Parabolic Drugs Ltd. under Section 9 of IBC, and a moratorium was declared. Sun Pharmaceutical Industries Ltd. had a manufacturing agreement with Parabolic Drugs Ltd. to manufacture a drug (Cefaclor), with Sun Pharmaceutical supplying the raw materials. Sun Pharmaceutical sought the return of the raw materials, arguing that they were not 'essential supplies' and that Section 14 of IBC did not apply. The CoC had previously voted against releasing the goods.
M/s. Sun Pharmaceutical Industries Ltd. (Sun Pharma) filed an application to lift raw materials from M/s. Parabolic Drugs Ltd. (Parabolic Drugs), which is undergoing Corporate Insolvency Resolution Process (CIRP). Weather Makers Pvt. Ltd. initiated CIRP against Parabolic Drugs under Section 9 of the Insolvency and Bankruptcy Code (IBC). A moratorium was imposed under Section 14 of IBC. Sun Pharma and Parabolic Drugs had a 'Manufacturing & Supply Agreement' dated 2010-02-11, where Parabolic Drugs would manufacture a drug (Cefaclor) for Sun Pharma, with Sun Pharma supplying the raw materials. Sun Pharma supplied raw materials worth ₹14.01 crores and ₹20.10 crores between January 2016 and October 2018. Sun Pharma was not allowed to visit the manufacturing unit after
…A Petition u/s 9 of IBC was submitted by Weather…
Sun Pharmaceutical Industries Ltd. entered…