Insolvency Bid
NCLT admits NARCL's insolvency plea against former CEO of Parenteral Drugs
This story was originally published at 13:47 IST on 23 June 2025
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NEW DELHI - The Mumbai bench of the National Company Law Tribunal has admitted National Asset Reconstruction Co. Ltd.'s insolvency plea against Anil Mittal, former chief executive officer of Parenteral Drugs (India) Ltd., for an unpaid amount of INR 3.18 billion.
The case has its genesis from State Bank of India and Punjab National Bank extending various credit facilities to Parenteral Drugs (India). Mittal was the personal guarantor to the loans given to Parenteral Drugs (India). After Parenteral Drugs (India) defaulted on the loan amounts, Punjab National Bank moved the tribunal to start insolvency proceedings against the company. In 2023, the tribunal admitted Punjab National Bank's insolvency petition.
State Bank of India, which had admitted claims of INR 8.78 billion from Parenteral Drugs (India), issued a demand notice in 2023 to the company's guarantor Mittal for payment of default amount. However, Mittal failed to repay the amount.
Subsequently, State Bank of India and Punjab National Bank entered into a joint agreement with National Asset Reconstruction Co., where the banks assigned their loans to the latter. Thereafter, National Asset Reconstruction Co. filed the insolvency petition against Mittal.
In 2024, the tribunal had appointed a resolution professional for Mittal. In its report, the resolution professional had recommended admitting National Asset Reconstruction Co.'s insolvency petition. End
Reported by Surya Tripathi
Edited by Vandana Hingorani
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