# In the matter of Unimark Remedies Ltd. IA-115-2022 in CP(IB)-197-MB-2018

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03771. Union Bank of India, formerly Corporation Bank, filed an application as a dissenting financial…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unimark-remedies-ltd-ia-115-2022-in-cpib-197-mb-2018-96139210

## Summary

### Background

Union Bank of India, formerly Corporation Bank, filed an application as a dissenting financial creditor against Unimark Remedies Ltd., the corporate debtor. The bank sought the appointment of fresh valuers for revaluation of tangible and intangible assets, disapproval of the resolution plan submitted by the resolution applicant, and a clear statement of accounts during the CIRP period. The CIRP was initiated following an admission order on 2018-04-03 filed by ICICI Bank. A resolution plan was approved by the CoC with 72.25% vote, but Union Bank dissented. The applicant filed MA-1406/2019 seeking appointment of fresh valuers, which resulted in a split verdict. The NCLAT directed the Mumbai Bench to refer the matter to a third member. A Special Bench directed the

…

## Facts

The CIRP of Unimark Remedies Ltd. was initiated based on an application by ICICI Bank. Amit Gupta was appointed as the IRP. The CoC was constituted, and a resolution plan was approved with 72.25% of the CoC members voting in favor. Union Bank of India, a dissenting financial creditor, filed an application (MA-1406/2019) seeking the appointment of fresh valuers for the tangible and intangible assets of the Corporate Debtor. This application resulted in a split verdict within the NCLT bench. The NCLAT directed the Mumbai Bench to refer the matter to a third member. A Special Bench was constituted and directed the appointment of a fresh valuer with limited scope. The Resolution Applicant challenged this order before the NCLAT, which upheld the Special Bench Order. Union

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should appoint fresh valuers for the tangible and intangible …

**Ratio:** The Adjudicating Authority has the discretion to determine whether further valuation is

…

**Reasoning:** The NCLAT declined to interfere with the order for fresh valuation, limited to intangible

…

**Interpretation:** The decision clarifies that the Adjudicating Authority has the autonomy to

…

**Application:** The court applied this principle by dismissing the application seeking fresh

…

## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Union Bank of…
- **Respondents:** Unimark Remedies…; Consortium of…

## Timeline

- **2018-04-03 — CIRP Init…**: CIRP commenced for Unimark Remedies Ltd.…
- **2019-01-01 — MA-1406/2019…**: Union Bank of India filed MA-1406/2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unimark-remedies-ltd-ia-115-2022-in-cpib-197-mb-2018-96139210