Bankruptcy Court approves listed-firm parental drugs India’s acquisition by IHL Lifescience
bankruptcy court in Mumbai approves IHL Lifesciences Pvt Ltd's acquisition of the listed firm Parental Drugs India Ltd.
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Before the tribunal’s approval, the Company's Committee of Creditors (CoC) had approved IHL Lifesciences’ resolution plan for Parental Drugs India with 100% of the vote.
“It (resolution plan) shall be binding on the corporate debtor (Parental Drugs India), its employees, members, and creditors, including the central government, any state government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the resolution plan,” said division bench of judicial member VG Bisht and a technical member Prabhat Kumar.
The company’s resolution professional had received a claim of Rs 1,306 crore and the successful bidder is paying about Rs 90 crore to acquire the company through the insolvency resolution process. The bankrupt pharma company’s admitted liabilities stood at Rs 1,287 crore.
Mumbai-headquartered Parental Drugs India was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2023 in an application filed by the Punjab National Bank. The bank approached the National Company Law Tribunal (NCLT) after the
