# In the matter of Mehul Parekh & Ors. vs. Unimark Remedies Represented by SRA & Ors.

> NCLAT judgment dated 2023-12-19. Citation: TCN-2023-NCLAT-00019. This appeal was filed by the Suspended Directors of the Corporate Debtor challenging the…

- **Court:** NCLAT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLAT-00019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mehul-parekh-ors-vs-unimark-remedies-represented-by-sra-ors-9c9a0999

## Summary

### Background

This appeal was filed by the Suspended Directors of the Corporate Debtor challenging the order dated 17.04.2023 passed by the National Company Law Tribunal, Mumbai Bench-IV in MB-23/MB-IV/2019 approving the Resolution Plan submitted by the Successful Resolution Applicant. The Adjudicating Authority in its order dated 17.04.2023 also issued certain directions, leading the Appellant to feel aggrieved and file this appeal.

## Facts

ICICI Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Unimark Remedies Ltd., the Corporate Debtor. The CIRP commenced on 03.04.2018. A resolution plan submitted by a consortium including Asset Recovery Company (India) Ltd., Intas Pharmaceuticals Ltd., and Shamrock Pharmachemi P Ltd. was approved by the Committee of Creditors (CoC) with a 72.25% vote share. The Resolution Professional filed IA. No.23/MB-IV/2019 for approval of the Resolution Plan, which was allowed by the Adjudicating Authority. The suspended directors of the Corporate Debtor filed an appeal challenging the order approving the Resolution Plan. The appellants sought deletion of certain paragraphs

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## Issues and analysis

### Issue 1: Whether classification as made in paragraph 3.3.2 of the Resolution Plan between payment to …

**Ratio:** Section 30(2)(b) of the Code provides for the payment of debts of operational creditors

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**Reasoning:** The liquidation value for payment to employees being 'NIL', they were not entitled for

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**Interpretation:** The court interpreted Section 30(2)(b) of the Code to mean that the amount to

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**Application:** The court applied the ratio to the facts of the case and found that the amount

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Mehul P…
- **Respondents:** Unimark Remedies…; Unimark Re…
- **Advocates:** S.R. Jar…; Purti G…; +10 more

## Timeline

- **2018-04-03 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-12-24 — E-voting for Resolution…**: E-voting held between 24th December, 2018 and 26th December, 2018 for Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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