The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Jaydev Pharma Distributors, an operational creditor, against Alniche Lifesciences Private Limited, the corporate debtor. Jaydev Pharma Distributors, through its proprietor Mr. N. Ashok Kumar Kothari, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Alniche Lifesciences. The applicant and the corporate debtor were engaged in the sale and purchase of pharmaceutical products. The applicant regularly purchased pharmaceutical stocks in bulk from the corporate debtor from August 28, 2015, to June 30, 2017, paying the full amount in advance. The corporate debtor appointed a new distributor, leading to the discontinuation of sales
…Jaydev Pharma Distributors, the applicant and an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Alniche Lifesciences Private Limited, the corporate debtor. The applicant and the corporate debtor were engaged in the sale and purchase of pharmaceutical products. The applicant regularly purchased pharmaceutical stocks in bulk from the corporate debtor from August 28, 2015, to June 30, 2017, paying the full amount in advance. After the corporate debtor appointed a new distributor, sales between the applicant and the corporate debtor discontinued. It was mutually agreed that the unsold stock purchased by the applicant would be handed over to the new distributor, Sri Sneha Pharma, and the corporate debtor
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The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Jaydev Pharma Distributors, an operational creditor, against Alniche Lifesciences Private Limited, the corporate debtor. Jaydev Pharma Distributors, through its proprietor Mr. N. Ashok Kumar Kothari, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Alniche Lifesciences. The applicant and the corporate debtor were engaged in the sale and purchase of pharmaceutical products. The applicant regularly purchased pharmaceutical stocks in bulk from the corporate debtor from August 28, 2015, to June 30, 2017, paying the full amount in advance. The corporate debtor appointed a new distributor, leading to the discontinuation of sales
…Jaydev Pharma Distributors, the applicant and an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Alniche Lifesciences Private Limited, the corporate debtor. The applicant and the corporate debtor were engaged in the sale and purchase of pharmaceutical products. The applicant regularly purchased pharmaceutical stocks in bulk from the corporate debtor from August 28, 2015, to June 30, 2017, paying the full amount in advance. After the corporate debtor appointed a new distributor, sales between the applicant and the corporate debtor discontinued. It was mutually agreed that the unsold stock purchased by the applicant would be handed over to the new distributor, Sri Sneha Pharma, and the corporate debtor
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