M/s. Sri Chaitanya Chlorides Private Limited filed a company petition against M/s. Reddy Pharmaceuticals Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment for supplied chemicals. The Petitioner/Operational Creditor is in the business of rendering the services relating to supply of chemicals and chlorides including CIS BROMO BENZOAT and Mythyloxy Phenyl etc., and whereas, the Respondent/Corporate Debtor is a Limited Company registered under the Companies Act, 1956 having its registered office at Sanga Reddy District in Telangana and it is engaged in manufacture and supplying & trading of Pharmaceutical chemicals API, intermediates, formulations etc.
M/s. Sri Chaitanya Chlorides Private Limited (Operational Creditor) claimed that M/s. Reddy Pharmaceuticals Limited (Corporate Debtor) defaulted on payments for supplied pharma chemicals. The Operational Creditor supplied chemicals like CIS Bromo Benzoat and Mythyloxy Phenyl to the Corporate Debtor. The Corporate Debtor's authorized and paid-up share capital is ₹2,60,10,000. The Corporate Debtor allegedly owed ₹2,15,17,306, including principal and interest. A cheque for ₹2,14,63,380 issued by the Corporate Debtor was returned with the remark "exceeds arrangement". The Operational Creditor issued a demand notice under Section 8(1) of the IB Code. The Corporate Debtor denied the due amount, alleging that some invoices were fabricated and that the Operational
…Sign in to view the parties.
Corporate Debtor issued…
The cheque was returned…
M/s. Sri Chaitanya Chlorides Private Limited filed a company petition against M/s. Reddy Pharmaceuticals Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment for supplied chemicals. The Petitioner/Operational Creditor is in the business of rendering the services relating to supply of chemicals and chlorides including CIS BROMO BENZOAT and Mythyloxy Phenyl etc., and whereas, the Respondent/Corporate Debtor is a Limited Company registered under the Companies Act, 1956 having its registered office at Sanga Reddy District in Telangana and it is engaged in manufacture and supplying & trading of Pharmaceutical chemicals API, intermediates, formulations etc.
M/s. Sri Chaitanya Chlorides Private Limited (Operational Creditor) claimed that M/s. Reddy Pharmaceuticals Limited (Corporate Debtor) defaulted on payments for supplied pharma chemicals. The Operational Creditor supplied chemicals like CIS Bromo Benzoat and Mythyloxy Phenyl to the Corporate Debtor. The Corporate Debtor's authorized and paid-up share capital is ₹2,60,10,000. The Corporate Debtor allegedly owed ₹2,15,17,306, including principal and interest. A cheque for ₹2,14,63,380 issued by the Corporate Debtor was returned with the remark "exceeds arrangement". The Operational Creditor issued a demand notice under Section 8(1) of the IB Code. The Corporate Debtor denied the due amount, alleging that some invoices were fabricated and that the Operational
…Corporate Debtor issued…
The cheque was returned…