Sanchi Fine Chem Corp Vs Vivin Drugs & Pharmaceuticals Ltd (NCLT Hyderabad)
Pending Fraud Proceedings Cannot Prevent CIRP: NCLT Approves ₹104 Cr Consolidated Resolution Plan with 98.2% CoC Vote
Summary: The National Company Law Tribunal, Hyderabad Bench-1, considered IA (IBC) (Plan) No. 05 of 2026 filed by the Resolution Professional, Mr. Rajesh Chillale, under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the CIRP Regulations, seeking approval of the revised Resolution Plan submitted by M/s. Virupaksha Organics Limited as Successful Resolution Applicant. The plan related to the consolidated CIRP of Vivin Drugs & Pharmaceuticals Limited (VDPL) and Vivin Laboratories Private Limited (VLPL).
The CIRP of VDPL commenced on 11.11.2024. Proceedings were initially stayed by the NCLAT on 27.11.2024 and revived after vacation of the stay on 02.06.2025. Proceedings were subsequently stayed by the Supreme Court on 25.08.2025 and the interim protection was vacated on 28.11.2025. VLPL was admitted into CIRP on 05.02.2026 pursuant to a petition filed by HDFC Bank Limited. By order dated 29.04.2026, the Tribunal directed substantive consolidation of the CIRPs of VDPL and VLPL into a single Group CIRP, considering their common ownership and control, interlinked indebtedness, intertwined financial and operational structure, interdependence of assets and business operations, and the impracticability of conducting separate processes.
