# In the matter of Adroit Pharmaceuticals Pvt. Ltd. Through Its Director Sanjay Kukreja vs. Amit Poddar Resolution Professional & Ors.

> NCLAT judgment dated 2025-01-03. Citation: TCN-2025-NCLAT-00292. The case involves an appeal against an order dated 14.05.2024 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 3 Jan 2025
- **Citation:** TCN-2025-NCLAT-00292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/adroit-pharmaceuticals-pvt-ltd-through-its-director-sanjay-kukreja-vs-amit-podda-08903730

## Summary

### Background

The case involves an appeal against an order dated 14.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, regarding the Corporate Insolvency Resolution Process (CIRP) of 'Unijules Life Sciences Limited'. The CIRP was initiated on 08.03.2019. The appellant, Adroit Pharmaceuticals Pvt. Ltd., submitted a resolution plan that was initially approved on 30.12.2019. However, an unsecured financial creditor filed IA No.1434 of 2020 seeking a direction for the valuation of intangible assets. The Adjudicating Authority allowed this application on 04.08.2023 and directed the Resolution Professional to engage a valuer. The appellant filed IA No.1891 of 2024 seeking to improve the resolution plan, which was dismissed by the Adjudicating

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Unijules Life Sciences Limited on 08.03.2019. Adroit Pharmaceuticals Pvt. Ltd. submitted a resolution plan, which was initially approved on 30.12.2019 with a 75.49% voting share. An unsecured financial creditor filed IA No.1434 of 2020, seeking a direction for the valuation of intangible assets. The Adjudicating Authority allowed IA No.1434 on 04.08.2023, directing the Resolution Professional to engage a valuer for the intangible assets. The appellant, Adroit Pharmaceuticals, filed IA No.1891 of 2024 on 18.04.2024 to improve the resolution plan. Valuation reports were received on 04.01.2024 and 05.01.2024. The CoC rejected the appellant's revised offer in its 22nd meeting on 07.03.2024. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in directing a fresh valuation of intangible assets …

**Ratio:** The Adjudicating Authority has the power to direct valuation of assets to ensure a fair

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**Reasoning:** The court reasoned that the initial failure to value intangible assets separately created

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**Interpretation:** This implies that the Adjudicating Authority can intervene to rectify

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**Application:** In this case, the initial resolution plan did not adequately address the

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Adroit Pharmaceuti…
- **Respondents:** Unijules Life…; Amit Poddar…
- **Advocates:** Krishnendu…; Neeraj Kant…; +10 more

## Timeline

- **2019-03-08 — CIRP Init…**: CIRP against Unijules Life…
- **2019-05-20 — Invitation for…**: Resolution Professional published…

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