The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Alcon Laboratories (India) Private Limited, an operational creditor, against M/s. Vasan Health Care Private Limited, the corporate debtor. The operational creditor supplied diagnostic equipment, eye care pharma, and vision care products to the corporate debtor since 2008. The corporate debtor defaulted on payments, leading to the application for initiation of the corporate insolvency resolution process (CIRP).
M/s. Alcon Laboratories (India) Private Limited (Operational Creditor) supplied diagnostic equipment, eye care pharma, and vision care products to M/s. Vasan Health Care Private Limited (Corporate Debtor) since 2008. The Corporate Debtor approached the Operational Creditor in 2008 for the supply of such products, leading to various agreements and memoranda of understanding. The Operational Creditor, through its consignment agent M/s. Parekh Integrated Services Private Ltd, supplied products on credit, and invoices were issued. The Corporate Debtor received the products without demur but defaulted on payments. The Operational Creditor sent reminders, but the Corporate Debtor failed to make payments, resulting in a significant outstanding amount. A letter dated 7.12.2015
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Operational creditor…
Corporate d…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Alcon Laboratories (India) Private Limited, an operational creditor, against M/s. Vasan Health Care Private Limited, the corporate debtor. The operational creditor supplied diagnostic equipment, eye care pharma, and vision care products to the corporate debtor since 2008. The corporate debtor defaulted on payments, leading to the application for initiation of the corporate insolvency resolution process (CIRP).
M/s. Alcon Laboratories (India) Private Limited (Operational Creditor) supplied diagnostic equipment, eye care pharma, and vision care products to M/s. Vasan Health Care Private Limited (Corporate Debtor) since 2008. The Corporate Debtor approached the Operational Creditor in 2008 for the supply of such products, leading to various agreements and memoranda of understanding. The Operational Creditor, through its consignment agent M/s. Parekh Integrated Services Private Ltd, supplied products on credit, and invoices were issued. The Corporate Debtor received the products without demur but defaulted on payments. The Operational Creditor sent reminders, but the Corporate Debtor failed to make payments, resulting in a significant outstanding amount. A letter dated 7.12.2015
…Operational creditor…
Corporate d…