1. The Court congregated through hybrid mode.

2. Heard the Learned Counsels for both parties at length.

3. Bechman Coulter India Private Limited, hereinafter referred to as “Petitioner”/ “Operational Creditor” has preferred this petition to seek the commencement of the Corporate Insolvency Resolution Process, for brevity “CIRP” under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against AVS Medical Instrument Private Limited, hereinafter referred to as “Respondent”/ “Corporate Debtor”.

4. It is claimed that the Corporate Debtor owes Rs. 1,98,13,325/- excluding GST as on June 22, 2023. The Date of Default is claimed from December 24, 2022, to January 31, 2023 in respect of various Invoices raised.

Factual Conspectus:

5. The Corporate Debtor was the distributor of the Operational Creditor for a long. The parties entered into a Distribution Services Agreement (Dx), hereinafter referred to as “DS Agreement” on 12.03.2021, for services related to stocking and reselling the products supplied by the Petitioner to nominated customers, which was valid for a term of 36 months from the effective date.

6. An Amendment to the DS Agreement was executed between the parties on 22