# In the matter of Unimark Remedies Ltd. IA-2068-2022 in CP(IB)-197-MB-2018

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03789. The application was filed by Sudhakar Narkhede and Ramkrishna Jamsandekar, representing 52…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03789
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unimark-remedies-ltd-ia-2068-2022-in-cpib-197-mb-2018-5c06a98c

## Summary

### Background

The application was filed by Sudhakar Narkhede and Ramkrishna Jamsandekar, representing 52 employees of Unimark Remedies Ltd., seeking direction from the Resolution Professional (RP) to disburse unpaid salaries. The salaries were for the period from May 2021 onwards for the Vapi factory and from July 2020 to December 2020 (excluding November 2020) and March 2021 onwards for the Mumbai Head Office. The applicants also requested the issuance of Form 16 for the financial year 2021-22 to enable them to file their income tax returns. The Corporate Insolvency Resolution Process (CIRP) of Unimark Remedies Ltd. commenced on 03.04.2018, initiated by ICICI Bank. Amit Gupta was appointed as the IRP, and a CoC was constituted. A resolution plan submitted by a consortium including

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## Facts

Sudhakar Narkhede and Ramkrishna Jamsandekar filed an application on behalf of 52 employees of Unimark Remedies Ltd. The employees sought the disbursement of unpaid salaries from May 2021 for the Vapi factory and from July 2020 to December 2020 (excluding November 2020) and March 2021 for the Mumbai Head Office. They also requested the issuance of Form 16 for FY 2021-22 to file income tax returns. The CIRP of Unimark Remedies Ltd. commenced on April 3, 2018, initiated by ICICI Bank. Amit Gupta was appointed as the IRP, and a CoC was formed. The CoC approved a resolution plan submitted by a consortium including Asset Reconstruction (I) Ltd., Intas Pharmaceuticals, and Shamrock Pharmachemi Pvt. Ltd. The employees claimed Rs. 10,47,32,434/- in outstanding salaries. The RP

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## Issues and analysis

### Issue 1: Whether the Resolution Professional should be directed to disburse the unpaid salaries of the …

**Ratio:** Salaries and expenses incurred during the CIRP period are considered CIRP costs and are

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**Reasoning:** The court reasoned that the salaries and other expenses incurred during the CIRP period

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**Interpretation:** This implies that employee salaries during the CIRP period are not to be

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**Application:** Since the Resolution Plan was pending approval, the court determined that the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Sudhakar Na…
- **Respondents:** Unimark Remedies…; Amit G…

## Timeline

- **2018-04-03 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2021-05-01 — Unpaid Salarie…**: Unpaid salaries from May 2021…

## 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)

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