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NCLT Mumbai Approves New Resolution Professional for Supha Pharmachem Under CIRP

The NCLT Mumbai Bench approved Mr. Raju Mangilal Marshiya as Resolution Professional for Supha Pharmachem Limited under CIRP, replacing the IRP vide order dated April 30, 2026. The CoC, comprising solely Operational Creditors, passed the resolution with 67.28% aggregate voting share in their meeting on April 14, 2026. The revised CoC now includes six Operational Creditors, up from five earlier. The Board of Directors' powers remain suspended and vest with the newly appointed RP.

Supha Pharmachem Limited Discloses Committee of Creditors Meeting Outcomes

Supha Pharmachem Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has disclosed the outcomes of its first Committee of Creditors (CoC) meeting held on April 14, 2026. The CoC approved the appointment of Raju Mangilal Marshiya as Resolution Professional, while rejecting the appointment of Rishab Sethi. The meeting also addressed various operational matters including IRP remuneration, legal advisor appointment, and budget approval for the next six months. The Interim Resolution Professional reported that the company's suspended directors have failed to cooperate in handing over control and records of the corporate debtor.

Supha Pharmachem Limited Discloses Creditor List Under CIRP Proceedings, Schedules CoC Meeting for April 14, 2026

Supha Pharmachem Limited has disclosed its creditor list under CIRP proceedings, showing total claims of ₹123.75 crore from 11 creditors, with ₹82.17 crore admitted and ₹41.19 crore under verification. The CIRP commenced on March 17, 2026, with the first CoC meeting scheduled for April 14, 2026, to discuss Resolution Professional appointment among other agenda items.

Supha Pharmachem Limited Reports Non-Cooperation of Suspended Directors in CIRP Proceedings

Supha Pharmachem Limited (under CIRP) has reported significant challenges in its Corporate Insolvency Resolution Process, with suspended directors failing to cooperate with Interim Resolution Professional Rajesh Jhunjhunwala. The directors have not handed over control, records, or requisite information since CIRP commenced on 17.03.2026, leading to postponement of the Board Meeting scheduled for 30.03.2026 to consider Q3 and 9M FY25 financial results. The IRP is taking necessary steps to seek cooperation and complete pending compliances under the Insolvency and Bankruptcy Code, 2016.

NCLT Mumbai Admits Insolvency Proceedings Against Remedium Lifecare Limited for Rs.7.47 Crore Default

NCLT Mumbai has admitted Boston Ivy Healthcare's insolvency petition against Remedium Lifecare Limited for Rs.7,47,20,079, comprising Rs.6,18,98,022 in principal dues and Rs.1,28,22,057 in interest. The case involves unpaid chemical supplies with default dating to November 7, 2023. After initially contesting, Remedium Lifecare admitted the debt and requested CIRP admission. The tribunal appointed Mr. Rajesh Jhunjhunwala as Interim Resolution Professional and declared moratorium on the debtor's assets.

Supha Pharmachem Issues Public Announcement Following NCLT Insolvency Order

Supha Pharmachem Limited has formally notified BSE about the commencement of Corporate Insolvency Resolution Process following NCLT's March 17, 2026 order. The company has issued a public announcement inviting creditor claims with a deadline of March 31, 2026, while the estimated CIRP closure is set for September 13, 2026.