Piramal Pharma concludes litigation with Astral after settlement

Piramal Pharma has announced the conclusion of litigation against Astral SteriTech Private Limited. The legal proceedings, initiated under the Insolvency and Bankruptcy Code of 2016, have been resolved following the implementation of a resolution plan approved by the National Company Law Tribunal (NCLT). As part of this resolution, Piramal Pharma, through its subsidiary PCC Inc., has received an aggregate sum of USD 2,424,334.15 in settlement of its claim against Astral. A closure report will now be filed by the Insolvency Professional with the Insolvency and Bankruptcy Board of India, marking the formal end of the process under the IBC. This development concludes a chapter that began with the filing and admission of the petition related to Astral SteriTech's insolvency.