The case involves an application filed by Healthcare Associates Private Limited (Corporate Debtor/Applicant) against India Medtronic Private Limited (Respondent No.1/Operational Creditor) under Section 65 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant alleges perjury by Sanjay Mitra, the Zonal Sales Manager of the respondent, who affirmed the affidavit supporting the Section 9 Application. The core dispute arises from a Non-Exclusive Distribution Agreement between the parties, where the applicant claims that the respondent is misusing old blank cheques given as security to manufacture a purported admission of liability.
In 2015, Healthcare Associates Private Limited (Applicant/Corporate Debtor) and India Medtronic Private Limited (Respondent No.1/Operational Creditor) entered into a Non-Exclusive Distribution Agreement, effective from 25.04.2015 until 28.04.2017, where the Respondent No.1 appointed the Applicant as its non-exclusive distributor. The agreement was extended by one year. The Applicant initially made timely payments but became irregular after October 2017. The Applicant furnished an Undertaking cum Indemnity Bond dated 17.08.2018, admitting to owing Rs.3,31,81,042/-. The Applicant issued three cheques between February 9, 2018, and April 5, 2018, totaling Rs.3,21,20,236/-, but the Respondent No.1 alleges that these cheques were dated 07.02.2019 and were dishonored due to
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Healthcare Associates Private Limited and India…
The Non-Exclusive…
The case involves an application filed by Healthcare Associates Private Limited (Corporate Debtor/Applicant) against India Medtronic Private Limited (Respondent No.1/Operational Creditor) under Section 65 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant alleges perjury by Sanjay Mitra, the Zonal Sales Manager of the respondent, who affirmed the affidavit supporting the Section 9 Application. The core dispute arises from a Non-Exclusive Distribution Agreement between the parties, where the applicant claims that the respondent is misusing old blank cheques given as security to manufacture a purported admission of liability.
In 2015, Healthcare Associates Private Limited (Applicant/Corporate Debtor) and India Medtronic Private Limited (Respondent No.1/Operational Creditor) entered into a Non-Exclusive Distribution Agreement, effective from 25.04.2015 until 28.04.2017, where the Respondent No.1 appointed the Applicant as its non-exclusive distributor. The agreement was extended by one year. The Applicant initially made timely payments but became irregular after October 2017. The Applicant furnished an Undertaking cum Indemnity Bond dated 17.08.2018, admitting to owing Rs.3,31,81,042/-. The Applicant issued three cheques between February 9, 2018, and April 5, 2018, totaling Rs.3,21,20,236/-, but the Respondent No.1 alleges that these cheques were dated 07.02.2019 and were dishonored due to
…Healthcare Associates Private Limited and India…
The Non-Exclusive…