# In the matter of Therdose Pharma Pvt. Ltd. CP (IB) No. 56-9-HDB-2019

> NCLT judgment dated 2020-01-09. Citation: TCN-2020-NCLT-02414. The case involves a company petition filed by M/s. Vance & Health Pharmaceuticals Private…

- **Court:** NCLT
- **Order date:** 9 Jan 2020
- **Citation:** TCN-2020-NCLT-02414
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/therdose-pharma-pvt-ltd-cp-ib-no-56-9-hdb-2019-6ea6441e

## Summary

### Background

The case involves a company petition filed by M/s. Vance & Health Pharmaceuticals Private Limited (Operational Creditor) against M/s. Therdose Pharma Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into an agreement titled "All India Super Distribution and Consultation Agreement" on 13-03-2017, with an effective date of 01-03-2017. The Corporate Debtor was appointed as the Super Distributor & Consultant, with exclusive rights to operate the Operational Creditor's domestic business in India, Nepal, and Sri Lanka for three years (01-03-2017 to 28-02-2019). The Corporate Debtor agreed to purchase products from the Operational Creditor at an agreed price

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## Facts

M/s. Vance & Health Pharmaceuticals Private Limited (Operational Creditor) filed a company petition against M/s. Therdose Pharma Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into an "All India Super Distribution and Consultation Agreement" on 13-03-2017, effective from 01-03-2017, where the Corporate Debtor was appointed as the Super Distributor & Consultant for India, Nepal, and Sri Lanka for three years. The Corporate Debtor agreed to purchase products from the Operational Creditor for exclusive distribution. The Operational Creditor supplied pharmaceutical products worth Rs. 2,00,98,835 between 10-03-2017 and 17-11-2017, but the Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the company petition filed by the Operational Creditor is maintainable under Section 9 of …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The Adjudicating Authority considered the arguments and material papers submitted by both

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** In this case, the Adjudicating Authority found that the Operational Creditor

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Respondents:** Therdose Pharma…
- **Advocates:** A. Tulsi Ra…; B.Rama Koteswara…; +4 more

## Timeline

- **2017-03-01 — Effective Date of…**: Effective date of the "All India Super Distribution and Consultation Agreement" between…
- **2017-03-13 — Agreement…**: Date of the "All India Super Distribution and Consultation Agreement" between Vance &…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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