Supha Pharmachem Limited Discloses Committee of Creditors Meeting Outcomes

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.17%	+28.21%	+35.14%	-67.74%	-70.06%	+78.57%

Supha Pharmachem Limited (formerly Remedium Lifecare Limited) has released its creditor list under the Corporate Insolvency Resolution Process (CIRP), revealing total claims of ₹123.75 crore from various creditors. The disclosure comes as part of regulatory compliance under the SEBI (LODR) Regulations, 2015, following the commencement of CIRP proceedings on March 17, 2026.

CIRP Commencement and Current Status

The Corporate Insolvency Resolution Process was initiated pursuant to an order dated March 17, 2026, passed by the Hon'ble NCLT Mumbai Bench in C.P. (IB)/579/MB/2025. Rajesh Jhunjhunwala has been appointed as the Interim Resolution Professional (IRP), with registration number IBBI/IPA-003/IP-N00457-C01/2017-2018/11102.

Under Section 17(1)(b) of the Insolvency and Bankruptcy Code, 2016, the powers of the Board of Directors stand suspended upon commencement of CIRP. The IRP has reported challenges in obtaining cooperation from the suspended directors, who have failed to hand over control, records, and requisite information of the corporate debtor and its subsidiary.

Comprehensive Creditor Claims Analysis

The creditor list as of April 6, 2026, shows a detailed breakdown of claims across various categories:

Category	No. of Claims	Amount Claimed (₹)	Amount Admitted (₹)	Under Verification (₹)
Unsecured Financial Creditors	1	5.55 crore	-	5.55 crore
Operational Creditors (Employees)	2	5.63 lakh	-	5.63 lakh
Operational Creditors (Government)	1	23.39 crore	23.00 crore	-
Other Operational Creditors	6	67.33 crore	59.17 crore	8.16 crore
Other Creditors	1	27.43 crore	-	27.43 crore
Total	11	123.75 crore	82.17 crore	41.19 crore

Major Creditor Details

Among the significant creditors, Medec Infra Limited has claimed ₹5.55 crore as an unsecured loan, which remains under verification. The government dues primarily consist of income tax and penalties totaling ₹23.39 crore, with ₹23.00 crore provisionally admitted.

Operational creditors include major suppliers such as:

Chemino Pharma Limited: ₹45.37 crore claimed, ₹40.13 crore admitted
Neoloba Specialty Private Limited: ₹7.68 crore claimed and admitted
Boston IVY Healthcare Solutions: ₹7.47 crore claimed and admitted
Jiangsu WNC Pharmaceutical Co., Ltd: ₹3.88 crore claimed and admitted

Upcoming CoC Meeting and Next Steps

The first Committee of Creditors (CoC) meeting is scheduled for April 14, 2026. The agenda includes the appointment of a Resolution Professional along with other critical matters related to the insolvency proceedings.

The IRP has noted that claims have been provisionally admitted based on records and documents submitted by creditors, as updated books of accounts remain unavailable. All admitted claims are subject to revision, substantiation, or modification upon receipt of additional information or evidence.

Employee and Other Claims

Employee claims totaling ₹5.63 lakh involve two individuals - Rahul Kadam (₹4.42 lakh for salary and gratuity) and Ashish Parkar (₹1.21 lakh for gratuity). Additionally, Apex Drugs Limited has claimed ₹27.43 crore as security deposit against job work, which remains under verification.

The IRP continues efforts to complete pending non-compliances in accordance with the Insolvency and Bankruptcy Code provisions and SEBI regulations, while working to secure cooperation from suspended directors for proper handover of corporate records and information.