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) due to unpaid operational debt. The Operational Creditor and Corporate Debtor had a distribution agreement. The petition was initially dismissed due to limitation but was restored by NCLAT. The Supreme Court directed the Adjudicating Authority to reconsider the petition with additional documents.
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 would distribute the Operational Creditor's medical products (RhoGAM and MicRhoGAM) in India. The Operational Creditor raised three invoices for the product RhoGAM on 19.12.2013, 26.12.2013, and 23.01.2014, totaling USD 12,61,955.40. 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) regarding the 'short shelf life'
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Kedrion Biopharma Inc. entered into a…
Operational Creditor…
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) due to unpaid operational debt. The Operational Creditor and Corporate Debtor had a distribution agreement. The petition was initially dismissed due to limitation but was restored by NCLAT. The Supreme Court directed the Adjudicating Authority to reconsider the petition with additional documents.
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 would distribute the Operational Creditor's medical products (RhoGAM and MicRhoGAM) in India. The Operational Creditor raised three invoices for the product RhoGAM on 19.12.2013, 26.12.2013, and 23.01.2014, totaling USD 12,61,955.40. 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) regarding the 'short shelf life'
…Kedrion Biopharma Inc. entered into a…
Operational Creditor…