The case involves a petition filed by an Operational Creditor, M/s. Changzhou Fly Import and Export Trading Co., against a Corporate Debtor, M/s. Avathera Pharma Pvt Ltd, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,69,03,441.20. The petition seeks the commencement of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Corporate Debtor was allegedly in the business of supplying and exporting FFP2-Level Face Masks and had entered into sales contracts with the Operational Creditor. Disputes arose regarding the delivery of goods and the refund of advance payments.
M/s. Changzhou Fly Import and Export Trading Co. (Operational Creditor) filed a petition against M/s. Avathera Pharma Pvt Ltd (Corporate Debtor) under Section 9 of the IBC, claiming a default of Rs. 1,69,03,441.20. The Corporate Debtor was in the business of supplying and exporting FFP2-Level Face Masks. The Operational Creditor and Corporate Debtor entered into Sales Contract No.1 dated 30.01.2020 for USD 40,040.00, with the Operational Creditor advancing USD 20,020.00. Later, Sales Contract No.2 was entered into on 10.02.2020. The Corporate Debtor allegedly delayed the delivery of 3-Ply surgical face masks. The Operational Creditor cancelled the contract on 21.02.2020, requesting a refund of the advance payment and a penalty. The Corporate Debtor, via email dated
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Operational Creditor and Corporate Debtor…
Operational Creditor advanced USD 20,020.00,…
The case involves a petition filed by an Operational Creditor, M/s. Changzhou Fly Import and Export Trading Co., against a Corporate Debtor, M/s. Avathera Pharma Pvt Ltd, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,69,03,441.20. The petition seeks the commencement of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Corporate Debtor was allegedly in the business of supplying and exporting FFP2-Level Face Masks and had entered into sales contracts with the Operational Creditor. Disputes arose regarding the delivery of goods and the refund of advance payments.
M/s. Changzhou Fly Import and Export Trading Co. (Operational Creditor) filed a petition against M/s. Avathera Pharma Pvt Ltd (Corporate Debtor) under Section 9 of the IBC, claiming a default of Rs. 1,69,03,441.20. The Corporate Debtor was in the business of supplying and exporting FFP2-Level Face Masks. The Operational Creditor and Corporate Debtor entered into Sales Contract No.1 dated 30.01.2020 for USD 40,040.00, with the Operational Creditor advancing USD 20,020.00. Later, Sales Contract No.2 was entered into on 10.02.2020. The Corporate Debtor allegedly delayed the delivery of 3-Ply surgical face masks. The Operational Creditor cancelled the contract on 21.02.2020, requesting a refund of the advance payment and a penalty. The Corporate Debtor, via email dated
…Operational Creditor and Corporate Debtor…
Operational Creditor advanced USD 20,020.00,…