Piramal Critical Care Inc., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Astral Steritech Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of $6,879,726.43, with the date of default mentioned as 19.08.2023. The application was filed due to outstanding dues related to a Development, License, and Supply Agreement dated February 14, 2019, and subsequent amendments. The Corporate Debtor had granted a non-exclusive license to the Operational Creditor to commercialize medical products in the United States. A recall of products manufactured at the Corporate Debtor's facility in Vadodara, Gujarat, due to
…Piramal Critical Care Inc. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Astral SteriTech Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor had a Development, License, and Supply Agreement dated February 14, 2019, which was amended from time to time. The Corporate Debtor granted a non-exclusive license to the Operational Creditor to promote, market, sell, and commercialize medical products in the United States. The Corporate Debtor informed the Operational Creditor of a recall warranted for all products manufactured at its facility in Vadodara, Gujarat, due to contamination and data integrity issues. The
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Piramal Critical Care Inc., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Astral Steritech Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of $6,879,726.43, with the date of default mentioned as 19.08.2023. The application was filed due to outstanding dues related to a Development, License, and Supply Agreement dated February 14, 2019, and subsequent amendments. The Corporate Debtor had granted a non-exclusive license to the Operational Creditor to commercialize medical products in the United States. A recall of products manufactured at the Corporate Debtor's facility in Vadodara, Gujarat, due to
…Piramal Critical Care Inc. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Astral SteriTech Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor had a Development, License, and Supply Agreement dated February 14, 2019, which was amended from time to time. The Corporate Debtor granted a non-exclusive license to the Operational Creditor to promote, market, sell, and commercialize medical products in the United States. The Corporate Debtor informed the Operational Creditor of a recall warranted for all products manufactured at its facility in Vadodara, Gujarat, due to contamination and data integrity issues. The
…Parties signed a…
First Amendment to…