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unimark remedies: Intas-Shamrock plan for Unimark Remedies gets nod from NCLT

A bankruptcy court on Monday allowed 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 Mumbai bench of the National Company Law Tribunal (NCLT), comprising judicial member Kishore Vemulapalli and technical member Prabhat Kumar, in an oral order approved the resolution plan for the assets of the now-defunct drug maker.

A detailed order was not available at the time of filing this report. The resolution professional for Unimark Remedies, Intas, Shamrock and Arcil did not immediately respond to emails seeking comment.

Mumbai-based Unimark Remedies has admitted debt of about ₹1,097 crore. The consortium has offered about ₹250 crore to acquire the company through the bankruptcy process.

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 ₹150 crore. The tribunal, while allowing the application, had appointed Amit Gupta as the resolution professional for the company.

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