Legal4 Jul 2025, 05:20 pm
Piramal Pharma Ltd. Receives USD 2.4 Million in Settlement from Astral SteriTech
AI Summary
Piramal Pharma Ltd. has announced that its subsidiary, Piramal Critical Care, Inc. (PCC Inc.), has received an aggregate sum of USD 2,424,334.15 in settlement of its claim against Astral SteriTech Private Limited, a subsidiary of Centrient Pharmaceuticals. This settlement comes after a petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by PCC Inc. against Astral SteriTech Private Limited before the Hon’ble National Company Law Tribunal, Ahmedabad Bench. The settlement marks the conclusion of the process under IBC, with a closure report to be filed by the Insolvency Professional with the Insolvency and Bankruptcy Board of India.
Key Highlights
- Piramal Pharma Ltd. subsidiary receives USD 2.4 million in settlement
- Settlement comes after a petition filed under Section 9 of the IBC
- Process under IBC to conclude with a closure report
- Involves Astral SteriTech Private Limited, a subsidiary of Centrient Pharmaceuticals
- Payment received by Piramal Critical Care, Inc. (PCC Inc.)