ItemUpdated Even handler does not fire when a new version is uploaded

Requirement is to copy file from Library A to Library B. Also, content organizer is enabled in the site. I have ItemUpdated event handler which triggers the copy process.

Issue:

New document upload - The event is triggered and file copied to Library B.

New Version upload - The event is not triggered.

I have been grinding my teeth for hours now on this issue. Any help is appreciated!