Khaitan & Co successfully represented HDFC Bank as the financial creditor and the Committee of Creditors on the consolidated Group CIRP of Vivin Drugs & Pharmaceuticals Ltd and Vivin Laboratories Pvt Ltd before the NCLT, Hyderabad Bench.
The matter involved the consolidation of the CIRPs of the two entities into a single Group CIRP, considering their common ownership and control, interlinked indebtedness, intertwined financial and operational structures, and interdependence of assets and business operations.
Following an extensive resolution process, the Resolution Plan submitted by Virupaksha Organics Limited, offering INR 104 crores to stakeholders, was approved by the Committee of Creditors with 98.2% voting share. The NCLT approved the Resolution Plan, providing for acquisition of the Corporate Debtors as a going concern.
The core team consisted of Shabbeer Ahmed (Partner), Aneesh Vempati (Counsel), Indraprateek Naidu (Senior Associate) and Vinamra Gogia (Associate).