Shilpa Medicare Limited has announced that the National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted an application for the Corporate Insolvency Resolution Process (CIRP) against its wholly-owned subsidiary, FTF Pharma Private Limited. The application was filed by Immacule Lifesciences Private Limited. The NCLT order, dated September 9, 2026, initiates CIRP for FTF Pharma, and Shilpa Medicare is evaluating the legal implications.
NCLT Admits Insolvency Plea Against FTF Pharma
Shilpa Medicare Limited has disclosed that its wholly-owned subsidiary, FTF Pharma Private Limited, is now subject to Corporate Insolvency Resolution Process (CIRP). The National Company Law Tribunal (NCLT), Ahmedabad Bench – Court II, passed an order on September 9, 2026, admitting an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by Immacule Lifesciences Private Limited.
Details of the NCLT Order
The CIRP against FTF Pharma Private Limited was initiated following the NCLT’s order, which also mandated a moratorium under Section 14 of the IBC. The tribunal has appointed Mr. Sunil Kumar Kedia as the Interim Resolution Professional (IRP). The proceedings were initiated based on an alleged operational debt of approximately ₹2,18,03,319 claimed by Immacule Lifesciences Private Limited.
Company’s Response and Future Outlook
Shilpa Medicare Limited is currently in discussions with its legal advisors to thoroughly assess the overall legal position and determine the appropriate course of action. The company has stated that it will provide further updates on any developments regarding this matter. The impact on the financial and operational activities of Shilpa Medicare Limited is presently not ascertainable or quantifiable, and the company will continue to monitor the CIRP proceedings.
Source: BSE
