NCLT Mumbai Approves Intas-Shamrock Resolution Plan to Acquire Unimark Remedies
NCLT Mumbai Approves Intas-Shamrock Resolution Plan to Acquire Unimark Remedies
The National Company Law Tribunal (NCLT), Mumbai by its division-member bench comprising of Kishore Vemulapalli (Judicial Member) and Prabhat Kumar (Technical Member) has approved the Intas Pharmaceuticals-Shamrock Pharmachemi consortium's application to acquire Unimark Remedies.
Asset Reconstruction Company India Ltd (Arcil) is also part of the consortium.
The bench in an oral order approved the resolution plan for the assets of the now-obsolete drug maker.
According to the consortium’s proposal, the company will be acquired by the consortium as part of the bankruptcy process for around Rs. 250 crore.
Unimark Remedies was admitted for the corporate insolvency resolution process on a plea filed by ICICI Bank in 2018, after the company defaulted on dues of over Rs. 150 crore. The Tribunal, while allowing the application, had appointed Amit Gupta as the resolution professional for the company.
