Company Update

Unitech International Limited is undergoing Corporate Insolvency Resolution Process (CIRP), admitted following a petition by 4G Plastics Inc. for default on acrylic raw material payments totaling approximately Rs. 3.42 crore.

The dispute arose from multiple unpaid invoices issued in 2022. While Unitech acknowledged a temporary financial crunch delaying payments, it expressed willingness to clear dues.

The tribunal found the default established and initiated CIRP, imposing a moratorium on suits and asset disposals.

An Interim Resolution Professional has been appointed to manage the company’s affairs during the process.

This development signals financial distress but offers a path for potential recovery and creditor resolution.