NCLT Approves IPCA Laboratories Ltd’s Resolution Plan For Noble Explochem Ltd

The Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench on 22nd January, 2020 has approved the Resolution Plan submitted by the the Company for acquisition of M/s. Noble Explochem Ltd. under the Insolvency & Bankruptcy Code, 2016 (IBC).

As per the provisions of the IBC, the resolution plan which is approved by the Hon’ble NCLT is binding on the Company, the said Noble Explochem Ltd and its employees, members, creditors, guarantors and all other stakeholders involved.

As per the approved Resolution Plan, the Company shall pay Rs. 69 crores as full and final settlement towards all liabilities of the said M/s. Noble Explochem Ltd, secured or unsecured, known or unknown, contingent or otherwise, disputed or undisputed, present or future, towards its financial creditors, insolvency resolution process cost, operational creditors and workmen and employees.

The Resolution Plan provides for delisting and cancellation of the entire equity share capital of the said M/s. Noble Explochem Ltd., without any consideration to any of its shareholders as well as the merger of said Noble Explochem Ltd. with the Company.

Shares of IPCA LABORATORIES LTD. was last trading in BSE at Rs.1230 as compared to the previous close of Rs. 1224.75. The total number of shares traded during the day was 2927 in over 337 trades.

The stock hit an intraday high of Rs. 1235 and intraday low of 1212.75. The net turnover during the day was Rs. 3594016.-Equity Bulls