Shilpa Medicare Subsidiary FTF Pharma Faces NCLT Insolvency Proceedings

Shilpa Medicare Limited announced that its wholly-owned subsidiary, FTF Pharma Private Limited, has been admitted to Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The order, dated September 9, 2026, was passed following an application by Immacule Lifesciences Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, citing an alleged operational debt of ₹2,18,03,319. The NCLT found the debt valid and ordered a moratorium. Shilpa Medicare is consulting legal advisors to assess the situation and future actions, with further updates to be provided as developments occur. The impact on the parent company's financials and operations is currently not quantifiable.