The case involves a petition filed by Survival Technologies Pvt Ltd, an operational creditor, against Kosher Pharmaceuticals Pvt Ltd, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought the initiation of the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of a debt amounting to Rs. 1,42,93,637/-, which included a principal amount of Rs. 1,00,53,040/- and interest of Rs. 42,40,597 as of 17.07.2020. The operational creditor and corporate debtor had been dealing and trading with each other since 2018. The operational creditor had transferred Rs. 2 crores to the corporate debtor between 31.08.2018 and 24.10.2018 with the intention to enter into a share purchase agreement,
…Survival Technologies Pvt Ltd, an operational creditor, filed a petition against Kosher Pharmaceuticals Pvt Ltd, a corporate debtor, under Section 9 of the IBC, 2016, seeking initiation of CIRP. The alleged debt was Rs. 1,42,93,637/-, including principal (Rs. 1,00,53,040/-) and interest (Rs. 42,40,597 as of 17.07.2020). Both parties had a trading relationship since 2018. The operational creditor transferred Rs. 2 crores to the corporate debtor between 31.08.2018 and 24.10.2018 for a proposed share purchase agreement, which was later abandoned. These funds were then treated as part of their running account. Both parties supplied goods and raw materials to each other, with corresponding invoices. The corporate debtor failed to repay outstanding dues despite reminders. A
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The Operational creditor and Corporate debtor…
The Operational creditor from 31.08.2018 to…
The case involves a petition filed by Survival Technologies Pvt Ltd, an operational creditor, against Kosher Pharmaceuticals Pvt Ltd, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought the initiation of the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of a debt amounting to Rs. 1,42,93,637/-, which included a principal amount of Rs. 1,00,53,040/- and interest of Rs. 42,40,597 as of 17.07.2020. The operational creditor and corporate debtor had been dealing and trading with each other since 2018. The operational creditor had transferred Rs. 2 crores to the corporate debtor between 31.08.2018 and 24.10.2018 with the intention to enter into a share purchase agreement,
…Survival Technologies Pvt Ltd, an operational creditor, filed a petition against Kosher Pharmaceuticals Pvt Ltd, a corporate debtor, under Section 9 of the IBC, 2016, seeking initiation of CIRP. The alleged debt was Rs. 1,42,93,637/-, including principal (Rs. 1,00,53,040/-) and interest (Rs. 42,40,597 as of 17.07.2020). Both parties had a trading relationship since 2018. The operational creditor transferred Rs. 2 crores to the corporate debtor between 31.08.2018 and 24.10.2018 for a proposed share purchase agreement, which was later abandoned. These funds were then treated as part of their running account. Both parties supplied goods and raw materials to each other, with corresponding invoices. The corporate debtor failed to repay outstanding dues despite reminders. A
…The Operational creditor and Corporate debtor…
The Operational creditor from 31.08.2018 to…