Authority: National Company Law Tribunal, Court-V, Mumbai Bench
Order Date: 09 June 2026
Case Overview
This matter concerns an application (IA(PLAN)/20/2026) filed by the Resolution Professional (RP) under the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan for Pharmaceutical Products of India Ltd. The corporate insolvency resolution process (CIRP) was initiated against the company under C.P. (IB)/87(MB)2024. The application for plan approval was filed on 25 February 2026. However, a separate application (No. 1173 of 2026) seeking an extension of the timeline for the CIRP is pending and scheduled for consideration on 14 July 2026. The Tribunal noted that the plan approval application could not be treated as filed within the CIRP timeline unless the extension is granted.
Final Outcome
The Tribunal adjourned the hearing for the resolution plan approval. The matter is now listed for further consideration on 23 June 2026. This adjournment was granted to allow the RP to move an appropriate application to prepone the hearing for the timeline extension (IA No. 1173 of 2026), which is a prerequisite for the plan approval application to proceed.
Topics: Insolvency, NCLT Proceeding, Resolution Plan