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:

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.

Supha Pharmachem Limited (under CIRP), formerly known as Remedium Lifecare Limited, has disclosed significant challenges in its Corporate Insolvency Resolution Process (CIRP) proceedings. The company's Interim Resolution Professional (IRP) has reported non-cooperation from suspended directors, leading to operational difficulties and postponement of scheduled board meetings.

CIRP Proceedings Update

The Corporate Insolvency Resolution Process for Supha Pharmachem Limited commenced pursuant to an order dated 17.03.2026 passed by Hon'ble NCLT, Mumbai Bench in C.P. (IB)/579/MB/2025. Rajesh Jhunjhunwala was appointed as the Interim Resolution Professional during these proceedings.

Directors' Non-Cooperation Issues

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 on 17.03.2026. However, the IRP has encountered significant challenges in taking control of the company operations.

The suspended directors have demonstrated non-cooperation in several critical areas:

• Failure to hand over control of the Corporate Debtor
• Non-provision of company records and requisite information
• Refusal to attend meetings with the IRP
• Non-cooperation regarding subsidiary company information

Board Meeting Postponement

The company had earlier disclosed on 09.03.2026 about postponing and rescheduling the Board Meeting to 30.03.2026. This meeting was intended to consider unaudited standalone and consolidated financial results for the quarter and nine months ended 31.12.2025.

Due to the absence of requisite financial information and non-appearance of any Board Members (powers suspended), the scheduled Board Meeting could not be held as planned.

Remedial Actions

The Interim Resolution Professional has indicated that necessary steps are being taken to address the current challenges. The IRP is endeavoring to:

• Seek cooperation from the suspended directors
• Complete pending non-compliances in accordance with the Insolvency and Bankruptcy Code, 2016
• Ensure compliance with SEBI (LODR) Regulations, 2015
• Facilitate proper information dissemination to stakeholders

This disclosure has been made to keep stakeholders informed about the ongoing developments in the CIRP proceedings and the challenges being faced in the resolution process.