Drager Medical Gmbh (Petitioner) and Usha Services and Consultant Pvt. Ltd. entered a joint agreement in 1987. A distribution agreement in 1999 appointed M/s. Ion Bio Med I-Care Pvt Ltd (formerly M/s Usha Draeger Pvt. Ltd. and herein referred to as 'Respondent/Corporate Debtor') as distributor. The agreement was terminated in 2003. An ICC Tribunal awarded Drager Medical Gmbh Euros 4,994,873.81 (INR 30,55,52,711.26) against the Respondent in 2012. After securing reliefs from the Delhi High Court, and the Respondent's failure to pay, a legal notice was issued under the Companies Act, 1956. A winding-up petition (CP-590/2012) was filed in 2012. Execution proceedings for the award were pursued, during which the Respondent admitted having no assets to satisfy the award. The
…A joint agreement dated 09.05.1987 was formed between Drager Medical Gmbh (petitioner's company) and Usha Services and Consultant Pvt. Ltd. for the manufacture and sale of medical products and equipment.
A distribution agreement was executed in February 1999, appointing M/s. Ion Bio Med I-Care Pvt Ltd (formerly M/s Usha Draeger Pvt. Ltd.) as the distributor.
The distribution agreement was terminated on 18.06.2003, effective from 31.12.2003.
On 29.06.2012, an ICC Tribunal passed an arbitration award against M/s. Ion Bio Med I-Care Pvt Ltd for Euros 4,994,873.81 (equivalent to INR 30,55,52,711.26), including principal, interest, and arbitration costs.
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Joint agreement formed between Drager…
Distribution agreement executed, appointing…
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Drager Medical Gmbh (Petitioner) and Usha Services and Consultant Pvt. Ltd. entered a joint agreement in 1987. A distribution agreement in 1999 appointed M/s. Ion Bio Med I-Care Pvt Ltd (formerly M/s Usha Draeger Pvt. Ltd. and herein referred to as 'Respondent/Corporate Debtor') as distributor. The agreement was terminated in 2003. An ICC Tribunal awarded Drager Medical Gmbh Euros 4,994,873.81 (INR 30,55,52,711.26) against the Respondent in 2012. After securing reliefs from the Delhi High Court, and the Respondent's failure to pay, a legal notice was issued under the Companies Act, 1956. A winding-up petition (CP-590/2012) was filed in 2012. Execution proceedings for the award were pursued, during which the Respondent admitted having no assets to satisfy the award. The
…A joint agreement dated 09.05.1987 was formed between Drager Medical Gmbh (petitioner's company) and Usha Services and Consultant Pvt. Ltd. for the manufacture and sale of medical products and equipment.
A distribution agreement was executed in February 1999, appointing M/s. Ion Bio Med I-Care Pvt Ltd (formerly M/s Usha Draeger Pvt. Ltd.) as the distributor.
The distribution agreement was terminated on 18.06.2003, effective from 31.12.2003.
On 29.06.2012, an ICC Tribunal passed an arbitration award against M/s. Ion Bio Med I-Care Pvt Ltd for Euros 4,994,873.81 (equivalent to INR 30,55,52,711.26), including principal, interest, and arbitration costs.
…Joint agreement formed between Drager…
Distribution agreement executed, appointing…
Sign in to view related legal provisions.