The National Company Law Tribunal (NCLT) Mumbai Bench has admitted an insolvency petition against Remedium Lifecare Limited, marking a significant development in the healthcare sector's financial landscape. The petition was filed by Boston Ivy Healthcare Solution Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC) for an outstanding operational debt.

Case Background and Financial Details

The insolvency proceedings stem from a business transaction involving the supply of specialized chemicals. Boston Ivy Healthcare supplied various chemicals including Dibromophenyl, Trifluortethyl, Fluro-L, and Leucinatebenzyl ester to Remedium Lifecare based on purchase orders dated July 20, 2023, July 25, 2023, and November 2, 2023.

The products were delivered through multiple invoices numbered MH/23-24/08162, MH/23-24/09855, MH/23-24/10779, and MH/23-24/29596 between July and August 2023. Despite receiving the goods, Remedium Lifecare made only partial payments, leaving a substantial amount outstanding.

Payment History and Default Timeline

Remedium Lifecare made several payments between July 2023 and January 2024, totaling Rs.12,17,27,324. The payment schedule included both TDS deductions and substantial lump sum payments, with the largest single payment being Rs.1,16,40,200 made on January 16, 2024.

Boston Ivy Healthcare sent multiple communications demanding payment, including an email dated September 17, 2024, before issuing the formal demand notice under Section 8 of the IBC on March 13, 2025.

Legal Proceedings and Corporate Debtor's Response

Initially, Remedium Lifecare contested the petition through a reply dated July 3, 2025, claiming pre-existing disputes and procedural defects in the demand notice. However, in a significant turn of events during the hearing on February 16, 2026, the corporate debtor's counsel withdrew all objections and admitted the debt, requesting admission into the Corporate Insolvency Resolution Process (CIRP).

The tribunal noted that the corporate debtor "expressly admitted the existence and quantum of the operational debt claimed" and confirmed that no pre-existing disputes existed between the parties.

Tribunal's Decision and Moratorium Declaration

The NCLT Mumbai Bench, comprising Hon'ble Members Shri Nilesh Sharma (Judicial) and Shri Sameer Kakar (Technical), admitted the petition after finding that all procedural requirements were met. The tribunal established that:

• A valid operational debt exists exceeding the statutory threshold
• The debt became due and payable from November 7, 2023
• The corporate debtor committed default without legally tenable grounds for dispute
• The petition was filed within the three-year limitation period

Appointment of Interim Resolution Professional

Mr. Rajesh Jhunjhunwala (Registration No. IBBI/IPA-003/IP-N00457/-C01/2017-18/11102) has been appointed as the Interim Resolution Professional with authorization valid until December 31, 2026. The operational creditor has been directed to deposit Rs.3,00,000 with the IRP to meet initial CIRP costs, which will be treated as interim finance and repaid on priority when funds become available.

Moratorium and Asset Protection Measures

The tribunal declared a comprehensive moratorium under Section 14 of the IBC, which prohibits:

• Institution or continuation of legal proceedings against the corporate debtor
• Transfer, encumbrance, or disposal of company assets
• Enforcement of security interests
• Recovery of property by owners or lessors

The moratorium remains effective until completion of the CIRP, approval of a resolution plan, or liquidation order, ensuring protection of the corporate debtor's assets during the resolution process.

Supha Pharmachem Limited has formally submitted a public announcement to BSE Limited regarding the commencement of Corporate Insolvency Resolution Process (CIRP) following the National Company Law Tribunal's order dated March 17, 2026. The pharmaceutical company, formerly known as Remedium Lifecare Limited, has initiated the mandatory disclosure process under SEBI regulations.

Public Announcement and Regulatory Compliance

The company submitted the public announcement on March 20, 2025, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement formally notifies all stakeholders about the NCLT's decision to admit the company under CIRP proceedings.

Creditor Claims Process and Timeline

The Interim Resolution Professional has issued Form A public announcement inviting claims from all creditors of Supha Pharmachem Limited. The announcement establishes a clear timeline for creditor participation in the insolvency resolution process.

Interim Resolution Professional Details

Mr. Rajesh Jhunjhunwala has been appointed as the Interim Resolution Professional to oversee the CIRP proceedings. His contact details have been updated for correspondence related to the insolvency process.

Company Background and Current Status

Supha Pharmachem Limited, incorporated on February 19, 1988, under ROC Mumbai, has undergone significant changes during the insolvency process. The company has relocated its registered office from the previous Marol location to F81D, Express Zone Mall, A Wing, Goregaon (East), Mumbai - 400063.

The NCLT admission follows a substantial default of Rs. 7,47,20,079 to Boston Ivy Healthcare Solution Private Limited, with the date of default recorded as November 7, 2023. The tribunal's order has suspended the powers of the Board of Directors, with all management authority now vested with the appointed Interim Resolution Professional.

The public announcement warns that submission of false or misleading proofs of claim will attract penalties, emphasizing the serious nature of the proceedings and the need for accurate documentation from all creditors participating in the resolution process.