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TMI Blog2017 (8) TMI 1524X X X X Extracts X X X X X X X X Extracts X X X X ..... e 6 of (Application to Adjudicating Authority) Rules 2016 is filed by Dr. Reddy's Laboratories Limited by seeking to initiate Corporate Insolvency Resolution Process in respect of M/S. Inter Labs (India) Private Limited, under the provision of IBC 2016. 2. The Brief Facts, leading to the filing of present Company Petition are as follows: a) Dr. Reddy's Laboratories Limited (Petitioner Herein) is Registered under the provisions of Company Act 1956, M/S. Inter Labs (India) Private Limited (Respondent Herein) is Registeredunder the Provision of Companies act 1956. b) The Respondent Company is engaged inter alia in the business of manufacturing of Active Pharmaceutical Ingredients and intermediates. So it has approached the Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 26/12/2014 to the Petitioner (Annexure 7 pg. 48) by stating that they were not able to do production properly due to so many reasons, and assured the Petitioner to reduce the outstanding by another letter dated: 02/01/2015 addressed to Respondent agreeing the proposal of the Respondent subject to certain terms and conditions with regard to supply of finished products and payment of outstanding amount. g) The Petitioner contented that they have complied with contractual obligation but whereas the Respondent breached the terms and conditions of the agreement. As per books of Accounts of Petitioner, there is an accumulated liability of Rs. 2, 73,20,633/- is due on the last date of Transaction, which is 24/11/2015. The Respondent, after re- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly termination of the Manufacturing and Supply Agreement dated: 25/05/2017 (e) Petitioner directed the Respondent to procure raw materials from 3rd parties because of its failure to supply raw materials for manufacturing of 30M T Q-Acid. (ii) The Manufacturing and Supply Agreement Dated: 25th May 2007 is not properly executed and it cannot be acted upon. They have denied that there is an outstanding amount to be paid to Petitioner, on the contrary, they have claimed that the Petitioner is liable to pay to them (Respondent) an impliedly admitted sum of Rs. However, without paying this amount, the Petitioner illegally terminated a Agreement and initiated the present Proceedings. (iii) They have mentioned so many acts on their part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted one, and the respondent simply denied the existence of debt without showing any substantial evidence in their support. He further submits that he hasissued a rejoinder dated: 03/04/2017.He has stated the Manufacturing and Supply Agreement is a business process with respect to conversion, in which Raw Material would be supplied to Respondent by Petitioner on a job work basis, and the Respondent has to manufacture furnished product i.e., 'Q-Acid'. So, the Petitioner has to pay conversion cost. It is further alleged that entire facility and machinery was sold, and there was no Manufacturing Facility available as of date'. Therefore, it is contended that theRespondentbecame insolvent, and it would require winding up in inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding this Agreement is not properly executed, on contrary, the Respondent itself relies upon various terms and conditions of Agreement with regard to failure of commitment of terms and conditions on the part of Respondent. They have also alleged that said agreement was illegally terminated in violation of Terms of Agreement. 9. The letter dated: 26/12/2014 issued by Respondent to petitioner clearly admits that there was an outstanding payment payable to petitioner, and they could not pay due to uncertain circumstances. However they assured to reduce the outstanding with a clear Schedule. The Petitioner, while accepting the difficulty of respondent has addressed letter dated: 02/01/2015. However, the respondent failed to clear outstanding a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eby declare the following Moratorium U/S 14(i) of Code in respect of the following: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of ant judgment, decree or order in any court of law, Tribunal, Arbitration panel or (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the securitisation and reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (54 of 2002). (d) The recovery of any P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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