# Sanchi Fine Chem Corp. vs. Vivin Drugs & Pharmaceuticals Ltd.

> NCLT judgment dated 2026-08-21. Citation: TCN-2026-NCLT-00860. The Corporate Insolvency Resolution Process (CIRP) for Vivin Drugs & Pharmaceuticals Ltd.…

- **Court:** NCLT
- **Order date:** 21 Aug 2026
- **Citation:** TCN-2026-NCLT-00860
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/sanchi-fine-chem-corp-vs-vivin-drugs-pharmaceuticals-ltd-a8jbn

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Vivin Drugs & Pharmaceuticals Ltd. (VDPL) was initiated on 11.11.2024. This was challenged by a Suspended Director, leading to stays by NCLAT and subsequently the Supreme Court, which were later vacated, reviving the CIRP. Vivin Laboratories Private Limited (VLPL) was admitted into CIRP on 05.02.2026. Due to common ownership, interlinked indebtedness, and operational interdependence, the NCLT ordered the substantive consolidation of the CIRPs of VDPL and VLPL into a single Group CIRP on 29.04.2026.

## Facts

IA (IBC) (Plan) 5/2026 was filed by Mr. Rajesh Chillale, Resolution Professional, under Sections 30(6) and 31 of the IBC, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The application sought approval of the Resolution Plan submitted by M/s. Virupaksha Organics Limited, as approved by the Committee of Creditors (CoC).

The Corporate Insolvency Resolution Process (CIRP) of M/s. Vivin Drugs & Pharmaceuticals Limited (VDPL) was initiated on 11.11.2024 in CP (IB) No. 87/9/HDB/2024.

Mr. Rajesh Chillale was appointed as Interim Resolution Professional and later confirmed as Resolution Professional for VDPL.

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## Issues and analysis

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

**Ratio:** The Resolution Plan must satisfy the requirements of Section 30(2) of the IBC and

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**Reasoning:** The Resolution Professional confirmed that the plan meets all statutory requirements.

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**Interpretation:** Compliance with Section 30(2) ensures that the plan addresses all mandatory

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**Application:** The NCLT found that the plan explicitly addresses these requirements, including

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Sanchi Fine Chem…; Rajesh Ch…; +1 more
- **Respondents:** Vivin Drugs &…; Vivin Laboratories…
- **Other parties:** Group Committee…; HDFC Bank L…; +6 more
- **Advocates:** Mr.V.V.S.…; Vismaya M.S.…

## Timeline

- **2024-11-11 — CIRP Initiation…**: Corporate Insolvency Resolution Process (CIRP) of M/s. Vivin Drugs & Pharmaceuticals…
- **2024-11-27 — NCLAT Stay on…**: Hon'ble NCLAT, Chennai, stayed the operation of the CIRP proceedings for VDPL after a…

## 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)

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