Supha Pharmachem CIRP: CoC Approves New RP, Directors' Powers Suspended Amidst Non-Cooperation

CIRP commenced March 17, 2026; First CoC meeting held April 14, 2026.
Process advances with new RP; director non-cooperation remains a hurdle.

What just happened (today’s filing)

The first Committee of Creditors (CoC) meeting for Supha Pharmachem Limited, currently under Corporate Insolvency Resolution Process (CIRP), convened on April 14, 2026. Key approvals included the Interim Resolution Professional's (IRP) remuneration, CIRP expenses, and legal advisor fees. Crucially, Raju Mangilal Marshiya was approved to be appointed as the Resolution Professional (RP), while Rishab Sethi's appointment as RP and the appointment of two registered valuers were rejected by the committee.

The meeting also highlighted significant challenges, with directors reportedly not cooperating with the IRP. They are alleged to have failed in handing over control and essential company records. This marks a critical juncture in the insolvency proceedings.

Why this matters

Supha Pharmachem entered CIRP on March 17, 2026, following an NCLT order after a default of ₹7.47 crore. With directors' powers suspended, the IRP, and now the soon-to-be-appointed RP, holds management control. The lack of cooperation from the suspended board poses a direct risk to the orderly progression of the resolution process and obtaining full access to company information.

The backstory (grounded)

Supha Pharmachem, previously Remedium Lifecare, has been in CIRP since March 17, 2026, after defaulting on a ₹7.47 crore payment to Boston Ivy Healthcare Solution Private Limited, a debt that originated from November 7, 2023. The company, which trades API intermediates and raw materials, has a history of operational problems, unlike larger integrated manufacturers. Its business model is vulnerable to market volatility. The company also faced SEBI compliance issues regarding board composition in FY2024-25.

What changes now

• The Committee of Creditors has taken a decisive step by approving Raju Mangilal Marshiya as the Resolution Professional, signaling a clear direction for the resolution process.
• Powers of the suspended Board of Directors are further cemented as the company moves towards appointing a new RP.
• The IRP will now file an application before the NCLT to formally secure the appointment of Mr. Marshiya.
• The ongoing non-cooperation from directors necessitates further legal action, including potential applications under Section 19(2) of the IBC.

Risks to watch

• Director Non-Cooperation: The suspended directors are reportedly hindering the IRP's access to company control, records, and information, which could delay the resolution process and affect the accuracy of financial assessments.
• Process Delays: Continued obstruction could lead to further postponements, increasing costs and potentially impacting the viability of a resolution plan.

Peer comparison

Supha Pharmachem operates in the pharmaceutical ingredients trading sector. While direct peers undergoing CIRP with recent news are scarce, the broader pharmaceutical sector has seen companies like Parental Drugs India and Orchid Pharma navigate insolvency. These cases demonstrate that resolution processes can lead to acquisition or revival, though often marked by complex challenges and extended timelines. Supha Pharmachem's trading-centric model faces inherent vulnerabilities compared to integrated pharmaceutical manufacturers.

Context metrics (time-bound)

• Corporate Insolvency Resolution Process (CIRP) commenced: March 17, 2026.
• First Committee of Creditors (CoC) meeting: April 14, 2026.
• Date of CoC e-voting conclusion (as per filing): April 16, 2025.

What to track next

• The NCLT's formal approval of Raju Mangilal Marshiya as the Resolution Professional.
• Steps taken by the IRP to secure cooperation from the suspended directors and ensure compliance.
• Any applications filed under Section 19(2) of the IBC concerning director cooperation.
• Progress in collating claims and developing a viable resolution plan.
• Updates from the NCLT regarding the appointment and subsequent proceedings.