NCLT Mumbai Approves Resolution Plan Of ARCIL Lead Consortium For Unimark Remedies Limited
Udai Yashvir Singh
23 April 2023 9:00 AM IST
NCLT Mumbai has approved a 127 crore resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium for Unimark Remedies Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order...
NCLT Mumbai has approved a 127 crore resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium for Unimark Remedies Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”).
The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 03.04.2018. The Resolution Professional initially admitted claims of 1072.65 crores from Financial Creditor, of 50.16 crores from Operational Creditors, of 11.05 crores towards workmen and employees dues and of 38.40 crores towards other Statutory Liabilities.
The average Liquidation value and Fair value of the assets of the company amounted to 124.02 crores and 178.23 crores respectively. The Company received resolution applications from 3 applicants. The CoC approved the resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium with a voting share of 72.25% in its 14th meeting held on 27.12.2018.
The resolution plan offered an 11.2% recovery of 1072.65 crores to the Financial Creditors amounting to 121 crores. It further offered a 1.9% recovery of 50.16 crores amounting to 1 crore to Operational Creditors. The resolution plan further offered a 45.24% recovery of 11.05 crores amounting to 5 crores towards workmen and employee dues.
The NCLT approved the resolution plan being satisfied that it was in compliance of IBC, 2016 and its various regulations there under.
Unimark Remedies Limited was a pharmaceutical company engaged in the manufacturing and marketing of niche APIs, Intermediaries and Injectables. The company had a market reach to supply products for customers across 65 countries. .
Case No.
MA 23 /MB-IV/2019 In CP (IB) No.197/MB/2018
Case Name
ICICI Bank Limited vs Unimark Remedies Limited
