Company Update

Unitech International Limited is undergoing Corporate Insolvency Resolution Process (CIRP) after 4G Plastics Inc. filed a petition for default on an operational debt of Rs. 3.42 crore related to unpaid invoices for acrylic raw materials supplied in 2021-22. The tribunal found the default established, noting the Corporate Debtor admitted some dues remain unpaid and is seeking time to raise funds for repayment.

A moratorium on legal proceedings and asset transfers against Unitech International is now in effect, with an Interim Resolution Professional appointed to manage the company during the insolvency process, ensuring creditor interests are safeguarded.