This case involves an intervention application filed by M/s Orbit Lifescience Pvt. Ltd. (Intervener) in a corporate insolvency resolution process (CIRP) initiated against Parabolic Drugs Ltd. (Corporate Debtor). The CIRP was commenced following the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Weather Makers Pvt. Ltd. The Intervener sought the release of raw materials/stock lying at the Corporate Debtor's plant, which were supplied under a Bailor-Bailee Agreement executed before the commencement of CIRP. The Resolution Professional (RP) and the Committee of Creditors (CoC) objected to the release, citing the moratorium under Section 14 of the IBC. The Intervener argued that the raw materials were owned by them and
…M/s Weather Makers Pvt. Ltd. initiated CIRP against Parabolic Drugs Ltd. under Section 9 of the IBC. M/s Orbit Lifescience Pvt. Ltd. (Intervener) filed an intervention application seeking the release of raw materials/stock lying at the Corporate Debtor's plant. A Bailor and Bailee Agreement was executed on 2018-05-01 between Orbit Lifesciences Pvt. Ltd. (Intervener) and Parabolic Drugs Pvt. Ltd. (Corporate Debtor) before the commencement of CIRP. Under the agreement, the Intervener supplied raw materials to the Corporate Debtor for manufacturing. The Corporate Debtor held the stock received from the Intervener as a 'Bailee'. The CIRP commenced on 2018-08-23. The Intervener lodged a claim with the Resolution Professional for ₹16,06,33,009/-, out of which ₹11,01,32,696/-
…Sign in to view the parties.
Execution of Bailor and Bailee Agreement…
CIRP commenced against…
This case involves an intervention application filed by M/s Orbit Lifescience Pvt. Ltd. (Intervener) in a corporate insolvency resolution process (CIRP) initiated against Parabolic Drugs Ltd. (Corporate Debtor). The CIRP was commenced following the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Weather Makers Pvt. Ltd. The Intervener sought the release of raw materials/stock lying at the Corporate Debtor's plant, which were supplied under a Bailor-Bailee Agreement executed before the commencement of CIRP. The Resolution Professional (RP) and the Committee of Creditors (CoC) objected to the release, citing the moratorium under Section 14 of the IBC. The Intervener argued that the raw materials were owned by them and
…M/s Weather Makers Pvt. Ltd. initiated CIRP against Parabolic Drugs Ltd. under Section 9 of the IBC. M/s Orbit Lifescience Pvt. Ltd. (Intervener) filed an intervention application seeking the release of raw materials/stock lying at the Corporate Debtor's plant. A Bailor and Bailee Agreement was executed on 2018-05-01 between Orbit Lifesciences Pvt. Ltd. (Intervener) and Parabolic Drugs Pvt. Ltd. (Corporate Debtor) before the commencement of CIRP. Under the agreement, the Intervener supplied raw materials to the Corporate Debtor for manufacturing. The Corporate Debtor held the stock received from the Intervener as a 'Bailee'. The CIRP commenced on 2018-08-23. The Intervener lodged a claim with the Resolution Professional for ₹16,06,33,009/-, out of which ₹11,01,32,696/-
…Execution of Bailor and Bailee Agreement…
CIRP commenced against…