Single-Member National Company Law Tribunal Bench To Give Final Verdict On Unimark Remedies Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) has stated that a single-member bench of the National Company Law Tribunal (NCLT) is expected to finalize a split verdict by the NCLT's two-member bench on the resolution plan for the debt-ridden pharma company Unimark Remedies.

The NCLAT) has directed the split orders passed by a two-member Mumbai NCLT bench on the resolution plan, to a third member.

The NCLAT has directed Unimark’s resolution professional to bring the facts to the notice of the National Company Law Tribunal (NCLT) president about the split orders passed by NCLT's Mumbai Bench on August 30, 2019.

The split verdict came about after an NCLT member’s (judicial) order sought a fresh valuation of the company, while another NCLT member (technical) had dissented through a separate order.

The NCLAT observed that none of the dissenting members has referred the matter to the NCLT president for referring it to a third member.

Incidentally, the NCLAT's direction came after a petition was filed by Unimark’s resolution professional, who had preferred an appeal after a split verdict.

The RP had filed the resolution plan, which was approved by the Committee of Creditors of Unimark Remedies with a 72.25% vote.

The NCLT had initiated a Corporate Insolvency Resolution Process against Unimark Remedies on April 3, 2018 admitting a plea of the private sector lender ICICI Bank claiming an outstanding loan of around Rs 150 crore.