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A single-member bench of the National Company Law Tribunal (NCLT) will now give the final verdict on the resolution case of a debt-ridden pharma entity - Unimark Remedies. This news has come after there was a split in the order in the present case by a two-member Mumbai bench of the National Company Law Tribunal.
The National Company Law Appellate Tribunal (NCLAT) has ordered for the matter to be referred to a third member for the final verdict. The Appellate Tribunal has directed the Resolution Professional (RP) of the pharma company i.e. Unimark Remedies to bring the facts of the split orders before the president of the National Company Law Tribunal passed by the Mumbai bench of the NCLT on August 30, 2019.
In the order passed by the NCLT Mumbai, the judicial member of the bench ordered for a fresh valuation of the company’s assets and stocks. Whereas, the technical member of the bench had dissented through a separate order.
It is stipulated that the president of NCLT would refer the matter to a third member after inspecting and observing the facts of the case and the order passed by the Mumbai bench of NCLT. The above decision of the Appellate Tribunal came after a petition filed by the Resolution Profession of Unimark Remedies after there was a split in the order passed.
The NCLAT said that owing to the fact that a dissenting judgment has been passed by the adjudicating authority, the Appellate Tribunal is not preferring to inspect into the legality of the order and therefore the matter has been referred to a third member and if required the matter will be heard by the Appellate Tribunal itself.
The Resolution Professional of the company had prepared the resolution plan for the company which was approved by the Committee of Creditors (CoC) with 72.25 % vote.
The insolvency proceedings of the company had started on April 13, 2018. After a petition was filed by the lender of the company ICICI bank for default over a loan of Rs. 150 crores.
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