Kedrion Biopharma Inc. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Wizaman Impex Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor, Kedrion Biopharma Inc., claimed a total amount of USD 9,01,955 (inclusive of interest) based on unpaid invoices for pharmaceutical products supplied to the Corporate Debtor. The petition was initially dismissed due to limitation but was later restored by NCLAT. The Supreme Court directed the Adjudicating Authority (AA) to reconsider the petition, taking into account additional documents submitted by the Operational Creditor. The Corporate Debtor argued the existence of a pre-existing dispute regarding the quality of goods and the
…Kedrion Biopharma Inc. (Operational Creditor) and Wizaman Impex Private Limited (Corporate Debtor) entered into a Distribution Agreement on 21.03.2014, where the Corporate Debtor was appointed as a non-exclusive distributor of the Operational Creditor's medical products. The Operational Creditor raised three invoices on 19.12.2013, 26.12.2013, and 23.01.2014, totaling USD 12,61,955.40 for the product RhoGAM. On 18.01.2016, the Corporate Debtor confirmed the debt due. After an adjustment of USD 360,000, the balance debt of USD 9,01,955.40 was confirmed by the Corporate Debtor on 02.02.2017. The credit was granted to offset potential losses incurred by the Corporate Debtor due to demands made by the Directorate of Health Services (DHS) concerning the 'short shelf life'
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Operational Creditor…
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Kedrion Biopharma Inc. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Wizaman Impex Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor, Kedrion Biopharma Inc., claimed a total amount of USD 9,01,955 (inclusive of interest) based on unpaid invoices for pharmaceutical products supplied to the Corporate Debtor. The petition was initially dismissed due to limitation but was later restored by NCLAT. The Supreme Court directed the Adjudicating Authority (AA) to reconsider the petition, taking into account additional documents submitted by the Operational Creditor. The Corporate Debtor argued the existence of a pre-existing dispute regarding the quality of goods and the
…Kedrion Biopharma Inc. (Operational Creditor) and Wizaman Impex Private Limited (Corporate Debtor) entered into a Distribution Agreement on 21.03.2014, where the Corporate Debtor was appointed as a non-exclusive distributor of the Operational Creditor's medical products. The Operational Creditor raised three invoices on 19.12.2013, 26.12.2013, and 23.01.2014, totaling USD 12,61,955.40 for the product RhoGAM. On 18.01.2016, the Corporate Debtor confirmed the debt due. After an adjustment of USD 360,000, the balance debt of USD 9,01,955.40 was confirmed by the Corporate Debtor on 02.02.2017. The credit was granted to offset potential losses incurred by the Corporate Debtor due to demands made by the Directorate of Health Services (DHS) concerning the 'short shelf life'
…Operational Creditor…
Operational Creditor…