M/s. Pragati Bio Care Pvt. Ltd., the operational creditor, filed a company petition against M/s. Pro Young International Pvt. Ltd., the corporate debtor, alleging a default of Rs. 83,34,399/-. With an interest rate of 24% per annum, the total outstanding amount claimed by the operational creditor was Rs. 1,07,04,623/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor, engaged in nutraceutical and cosmeceutical products, had supplied medicinal drugs/products to the corporate debtor based on several purchase orders. The

M/s. Pragati Bio Care Pvt. Ltd., the operational creditor, filed a company petition against M/s. Pro Young International Pvt. Ltd., the corporate debtor, alleging a default of Rs. 83,34,399/-. With an interest rate of 24% per annum, the total outstanding amount claimed by the operational creditor was Rs. 1,07,04,623/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor, engaged in nutraceutical and cosmeceutical products, had supplied medicinal drugs/products to the corporate debtor based on several purchase orders. The