The case involves an application filed by Biogenetic Drugs Private Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against Themis Medicare Limited, based on a decree obtained in a civil suit for recovery of dues related to the purchase of pharmaceutical products. The operational creditor, Biogenetic Drugs, claimed that Themis Medicare owed Rs. 28,35,880.00 despite a decree in their favor from the Additional District Judge-I, Solan, Himachal Pradesh, dated 10.04.2018. The corporate debtor, Themis Medicare, denied the debt and raised objections, including the executability of the ex-parte decree and the claim being time-barred.
Biogenetic Drugs Private Ltd. (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Themis Medicare Limited (corporate debtor). Biogenetic Drugs claimed that Themis Medicare owed Rs. 28,35,880.00 for pharmaceutical products purchased. A civil suit was instituted by Biogenetic Drugs on 19.04.2011, which resulted in a decree in their favor on 10.04.2018. Themis Medicare made payments of Rs. 51,02,317/- against invoices worth Rs. 79,38,197.00, leaving a balance outstanding. Themis Medicare denied the debt, arguing that the ex-parte decree was not executable through insolvency resolution, the decree was not final due to a pending application to set it aside, the claim was time-barred, and a pre-existing dispute
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Biogenetic Drugs…
Themis Medicare Limited, the corporate debtor,…
The case involves an application filed by Biogenetic Drugs Private Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against Themis Medicare Limited, based on a decree obtained in a civil suit for recovery of dues related to the purchase of pharmaceutical products. The operational creditor, Biogenetic Drugs, claimed that Themis Medicare owed Rs. 28,35,880.00 despite a decree in their favor from the Additional District Judge-I, Solan, Himachal Pradesh, dated 10.04.2018. The corporate debtor, Themis Medicare, denied the debt and raised objections, including the executability of the ex-parte decree and the claim being time-barred.
Biogenetic Drugs Private Ltd. (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Themis Medicare Limited (corporate debtor). Biogenetic Drugs claimed that Themis Medicare owed Rs. 28,35,880.00 for pharmaceutical products purchased. A civil suit was instituted by Biogenetic Drugs on 19.04.2011, which resulted in a decree in their favor on 10.04.2018. Themis Medicare made payments of Rs. 51,02,317/- against invoices worth Rs. 79,38,197.00, leaving a balance outstanding. Themis Medicare denied the debt, arguing that the ex-parte decree was not executable through insolvency resolution, the decree was not final due to a pending application to set it aside, the claim was time-barred, and a pre-existing dispute
…Biogenetic Drugs…
Themis Medicare Limited, the corporate debtor,…