Insolvency Filing Triggered by Debt
The Mumbai bench of the National Company Law Tribunal (NCLT) has started insolvency proceedings against Supha Pharmachem, formerly known as Remedium Lifecare. This decision came after an operational creditor claimed Supha Pharmachem defaulted on Rs 7.47 crore for raw material payments. The tribunal acknowledged the debt, and an interim professional, Rajesh Jhunjhunwala, will now verify all claims. Supha Pharmachem’s history as Remedium Lifecare also involved financial struggles, indicating long-standing operational problems. The insolvency process halts current management control, allowing the interim professional to review the company’s finances and gather claims from creditors.