NCLT Mumbai Approves New Resolution Professional for Supha Pharmachem Under CIRP

The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, has approved the appointment of Mr. Raju Mangilal Marshiya as the Resolution Professional (RP) for Supha Pharmachem Limited (formerly Remedium Lifecare Limited), replacing the erstwhile Interim Resolution Professional (IRP) under the ongoing Corporate Insolvency Resolution Process (CIRP). The certified true copy of the NCLT order was received on May 11, 2026, following which Mr. Marshiya formally took over the conduct of the CIRP.

NCLT Order and CoC Resolution

The NCLT order, delivered on April 30, 2026, by Court-V of the Mumbai Bench, was passed in the matter of Boston Ivy Healthcare Solutions Private Limited versus Remedium Lifecare Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The bench comprised Ms. Lakshmi Gurung, Member (Judicial), and Sh. Charanjeet Singh Gulati, Member (Technical).

The application for replacement of the IRP was filed by one of the Operational Creditors, who is a member of the Committee of Creditors (CoC). Notably, the CoC in this case consists solely of Operational Creditors, as there are no Financial Creditors. The applicant holds a 48.84% voting share in the CoC. In the first CoC meeting held on April 14, 2026, the CoC passed a resolution to replace the IRP and appoint Mr. Raju Mangilal Marshiya as the new RP, with an aggregate voting share of 67.28% approving the said resolution.

Key Details of the Resolution Professional

The following details of the newly appointed Resolution Professional have been communicated to BSE Limited for record updation:

Parameter:	Details
Name of RP:	Mr. Raju Mangilal Marshiya
IBBI Registration No.:	IBBI/IPA-001/IP-P-02849/2024-2025/14408
AFA Valid Till:	30.06.2026
Email ID:	rmmar73@gmail.com
Appointment Order Date:	April 30, 2026
Intimation Date:	May 11, 2026
Place:	Pune

CoC Reconstitution

In a separate application (IA/1763/2026), the IRP placed on record the report for the first re-constitution of the CoC along with the updated list of creditors. The revised CoC now consists of six (6) Operational Creditors, replacing the earlier composition of five (5) Operational Creditors. The updated list of creditors was taken on record by the NCLT.

Implications for the Company

With the NCLT's approval and Mr. Marshiya's assumption of duties as Resolution Professional, the powers of the Board of Directors of Supha Pharmachem Limited stand suspended and are vested with the RP, as is standard procedure under the Insolvency and Bankruptcy Code, 2016. The intimation of this change has been formally communicated to BSE Limited, requesting an update to their records and website to reflect the change in the Insolvency Professional.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.70%	-5.26%	-18.18%	-66.67%	-78.18%	-38.98%

supha pharmachem Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an order dated March 17, 2026, passed by the Hon'ble NCLT Mumbai Bench, has disclosed the outcomes of its first Committee of Creditors (CoC) meeting. The meeting was held on April 14, 2026, with e-voting concluding on April 16, 2026. The disclosure was made under Regulation 30 of SEBI (LODR) Regulations, 2015.

The CoC deliberated on ten key agenda items during the meeting, covering various aspects of the insolvency resolution process. The committee approved the ratification of the Interim Resolution Professional's remuneration and CIRP expenses incurred. In a significant development, the CoC rejected the appointment of IP Rishab Sethi as Resolution Professional, while approving the appointment of IP Raju Mangilal Marshiya for the position. Chemino Pharma Limited, representing the CoC, will file an application before the Hon'ble NCLT seeking formal appointment of Mr. Marshiya.

Key Decisions of Committee of Creditors

S.No.	Proposed Agenda	Decision of CoC
1.	To ratify the remuneration of the IRP and ratify CIRP expenses incurred	Approved
2.	To appoint IP Rishab Sethi as the Resolution Professional	Rejected
3.	To appoint IP Raju Mangilal Marshiya as the Resolution Professional	Approved
4.	To approve appointment and fees of the legal advisor	Approved
5.	To approve the appointment of 2 registered valuers as per regulation 27 of the IBC	Rejected
6.	To approve corporate debtors bank account operation by the Resolution Professional	Approved
7.	To authorise the Resolution Professional to hold CoC meetings at shorter notice of not less than forty-eight hours	Approved
8.	To discuss and decide the intervals between each CoC meetings	Approved
9.	To discuss and approve deployment of security personnel to protect corporate debtor assets	Approved
10.	To approve the estimated budget for the next 6 months	Approved

Operational Challenges

The Interim Resolution Professional, Rajesh Jhunjhunwala, highlighted significant operational challenges following the commencement of CIRP. Under Section 17(1)(b) of the Insolvency and Bankruptcy Code, 2016, the powers of the Board of Directors stand suspended effective from March 17, 2026. However, the suspended directors have reportedly failed to cooperate with the IRP in taking control of the corporate debtor, its records, and requisite information. The IRP is taking necessary steps, including filing an application under Section 19(2) of the Code, to seek cooperation from the suspended directors and complete pending non-compliances in accordance with the Code and SEBI (LODR) Regulations, 2015.