Supha Pharmachem Ltd: NCLT Admits Insolvency Proceedings, Appoints IRP

The National Company Law Tribunal (NCLT), Mumbai Bench-VI has admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Supha Pharmachem Ltd (formerly Remedium Lifecare Limited). The NCLT has initiated the Corporate Insolvency Resolution Process (CIRP) and appointed Mr. Rajesh Jhunjhunwala as the Interim Resolution Professional (IRP). The order prohibits various actions including institution or continuation of suits or proceedings against the company, transfer or disposal of assets, enforcement of security interest, and recovery of property.