Piramal Pharma Gets $2.4 Million From Insolvency Case Against Astral SteriTech

Piramal Pharma Ltd. on Friday said it has received $2.4 million following a claim settlement under the Insolvency and Bankruptcy Code (IBC) against Astral SteriTech Pvt. Ltd.

The amount was received by Piramal Critical Care, Inc., a step-down subsidiary of Piramal Pharma, which had initiated insolvency proceedings under Section 9 of the IBC. The Ahmedabad bench of the National Company Law Tribunal admitted the claim on June 11, 2024.

The case related to unpaid dues from Astral SteriTech, a subsidiary of Centrient Pharmaceuticals. While the total default amount wasn't disclosed, the resolution plan has now been approved, and Piramal has received its due. A closure report will be filed by the insolvency professional with the Insolvency and Bankruptcy Board of India, Piramal said.