Authority: National Company Law Tribunal Mumbai Bench Court-IV (Shri Anil Raj Chellan, Member (Technical) and Shri K. R. Saji Kumar, Member (Judicial))
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Mumbai Bench heard two interconnected applications (IA 2925(MB)2026 and IA 2927(MB)2026) arising from C.P. (IB)/197(MB)2018 between ICICI Bank Ltd (Applicant) and Unimark Remedies Ltd (Respondent/Corporate Debtor).
The first application (IA 2925) appears to be procedural, with the Tribunal directing the Registry to issue notice to the Respondent and list the matter for further consideration on 7 August 2026.
The second application (IA 2927) was filed by the Successful Resolution Applicant (SRA) seeking directions against creditors of the Corporate Debtor. The SRA requested that respondents fulfill obligations contemplated in the Approved Resolution Plan and stipulations under the Debenture Trust Deed. Specific obligations mentioned include release of security interest, satisfaction of charges, settlement of CIRP period statutory dues, and rectification of CRILC and Credit Information Company records.
The Learned Counsel for the Applicant submitted that both Conditions Precedent and Conditions Subsequent to the resolution plan remain pending, which is obstructing complete implementation of the Resolution Plan. The delay is specifically affecting redemption obligations under Clause 2.3.5 of the Debenture Trust Deed, with the next redemption tranche of Non-Convertible Debentures due on 17 July 2026.
Final Outcome
The Tribunal directed that urgent notice be issued to the Respondents and listed the matter for hearing on the interim relief sought by the Applicant on 24 July 2026. The Applicant was permitted to take private notice and file service affidavit. For the first application (IA 2925), the matter was listed for 7 August 2026.
Topics: Corporate Insolvency, Resolution Plan Implementation, Debenture Redemption