# Sanchi Fine Chem Corp. & HDFC Bank Ltd. vs. Vivin Drugs & Pharmaceuticals Ltd. & Vivin Laboratories Private Limited

> NCLT judgment dated 2026-08-21. Citation: TCN-2026-NCLT-00861. The Corporate Insolvency Resolution Process (CIRP) was initiated for Vivin Drugs &…

- **Court:** NCLT
- **Order date:** 21 Aug 2026
- **Citation:** TCN-2026-NCLT-00861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/sanchi-fine-chem-corp-hdfc-bank-ltd-vs-vivin-drugs-pharmaceuticals-ltd-vivin-lab-y4roa

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated for Vivin Drugs & Pharmaceuticals Ltd. (VDPL) on 11.11.2024 and subsequently for Vivin Laboratories Private Limited (VLPL) on 05.02.2026. The CIRP for VDPL faced challenges, including stays by the NCLAT and the Supreme Court, which were later vacated, leading to the revival of proceedings. Recognizing common ownership and interlinked operations, the NCLT directed the substantive consolidation of both CIRPs into a single Group CIRP on 29.04.2026. A Group Committee of Creditors (CoC) was constituted, and the Resolution Professional invited Expression of Interests, leading to the submission and evaluation of multiple resolution plans.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Vivin Drugs & Pharmaceuticals Ltd. (VDPL) was initiated on 11.11.2024.

The admission order for VDPL's CIRP was challenged by a Suspended Director before the NCLAT, Chennai.

The NCLAT stayed the operation of the VDPL CIRP proceedings by an order dated 27.11.2024.

The NCLAT stay remained in force until 02.06.2025, when it was vacated and the VDPL CIRP revived.

The matter was subsequently taken to the Supreme Court of India via Civil Appeal, which stayed further proceedings in the VDPL CIRP on 25.08.2025.

The Supreme Court vacated its interim protection on 28.11.2025, leading to the recommencement of the VDPL CIRP.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Virupaksha Organics Limited complies with the …

**Ratio:** The Resolution Professional confirmed that the Resolution Plan meets all the requirements

…

**Reasoning:** The document explicitly states that the Resolution Professional conducted a thorough

…

**Interpretation:** The NCLT's role as the Adjudicating Authority is to satisfy itself that the

…

**Application:** Based on the Resolution Professional's confirmation and the detailed review,

…

## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** Sanchi Fine Chem…; HDFC Bank…; +2 more
- **Respondents:** M/s. Vivin Drugs…; M/s. Vivin…; +2 more
- **Other parties:** Group Committee…; Tata Capital…; +4 more
- **Advocates:** Mr.V.V.S.…; Vismaya M.S.…

## Timeline

- **2024-11-11 — CIRP Initiation…**: Corporate Insolvency Resolution Process (CIRP) of Vivin Drugs & Pharmaceuticals Ltd.…
- **2024-11-27 — NCLAT Stay on…**: The Hon'ble National Company Law Appellate Tribunal (NCLAT), Chennai, stayed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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-hyderabad/sanchi-fine-chem-corp-hdfc-bank-ltd-vs-vivin-drugs-pharmaceuticals-ltd-vivin-lab-y4roa