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.

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.