Piramal Pharma Limited has informed the Exchange about update on litigation
PPLPHARMA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Piramal Pharma's wholly owned stepdown subsidiary, Piramal Critical Care, Inc. (PCC Inc.), had filed a Section 9 Insolvency and Bankruptcy Code (IBC) petition against Astral SteriTech Private Limited (a Centrient Pharmaceuticals subsidiary) before the NCLT Ahmedabad. The NCLT has approved a Resolution Plan under Sections 30 and 31 of the IBC. PCC Inc. has now received an aggregate settlement amount of USD 2,424,334.15 (approximately ₹20 crore) in full settlement of its claim. A closure report will be filed by the Insolvency Professional with IBBI, marking the conclusion of the insolvency process.
Positive for shareholders — the company has successfully recovered its dues from the counterparty through the IBC process, and the legal matter is now being formally closed, eliminating any further uncertainty or legal overhang from this dispute.