Raptim Research Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shilpa Medicare Limited, the corporate debtor. The petition was based on the ground that the corporate debtor defaulted on an outstanding amount of Rs. 1,65,20,000 with interest at 18% p.a. from August 31, 2021, totaling Rs. 1,85,00,000. The operational creditor and corporate debtor entered into a Master Service Agreement on April 19, 2019, for conducting Bio Equivalence studies and Invitro studies. Disputes arose regarding the quality of services provided by the operational creditor and the timelines adhered to, leading to the corporate debtor withholding payments.
Raptim Research Private Limited (Operational Creditor) filed a petition against Shilpa Medicare Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim was based on a default of Rs. 1,65,20,000 plus interest, totaling Rs. 1,85,00,000. A Master Service Agreement (MSA) was entered into on April 19, 2019, for Bio Equivalence and Invitro studies. The Operational Creditor raised invoices between November 2020 and February 2021. The Corporate Debtor failed to make timely payments, citing defective services and non-adherence to timelines. The Corporate Debtor conducted a retrospective audit from December 14-15, 2020, raising queries. The Operational Creditor allegedly
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Raptim Research Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shilpa Medicare Limited, the corporate debtor. The petition was based on the ground that the corporate debtor defaulted on an outstanding amount of Rs. 1,65,20,000 with interest at 18% p.a. from August 31, 2021, totaling Rs. 1,85,00,000. The operational creditor and corporate debtor entered into a Master Service Agreement on April 19, 2019, for conducting Bio Equivalence studies and Invitro studies. Disputes arose regarding the quality of services provided by the operational creditor and the timelines adhered to, leading to the corporate debtor withholding payments.
Raptim Research Private Limited (Operational Creditor) filed a petition against Shilpa Medicare Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim was based on a default of Rs. 1,65,20,000 plus interest, totaling Rs. 1,85,00,000. A Master Service Agreement (MSA) was entered into on April 19, 2019, for Bio Equivalence and Invitro studies. The Operational Creditor raised invoices between November 2020 and February 2021. The Corporate Debtor failed to make timely payments, citing defective services and non-adherence to timelines. The Corporate Debtor conducted a retrospective audit from December 14-15, 2020, raising queries. The Operational Creditor allegedly
…The Petitioner and Respondent entered into a…
The Corporate Debtor…