15th November 2024 Mumbai, Maharashtra, India Lasa Supergenerics Ltd., a leading innovator in a vertically integrated group spanning the entire animal and human healthcare value chain, announces Insolvency Application which was filed by Financial Creditor (Bank of Baroda) against the company stands Disposed of pursuant to withdrawal of the application by Financial Creditor due to concluded settlement between the parties.

The withdrawal follows extensive negotiations and a comprehensive settlement reached between the company and the financial creditor. The company has worked diligently to settle the long pending dispute with the creditor and has taken proactive steps to resolve the matter amicably. As a result, Application filed under section 7 of IBC before Hon’ble NCLT for initiation of Corporate Insolvency Resolution Process (CIRP) by Financial Creditor has been officially withdrawn as pronounced in Hon’ble NCLT, Mumbai Bench on 13.11.2024.

Dr. Omkar Herlekar, Chairman and Managing Director of the Company, said, “As already informed, hard work pays off, we are pleased to have reached a logical conclusion with our only financial creditor and to have the IBC application withdrawn. This marks important steps toward the company’s financial stability and demonstrates our commitment to fulfilling our obligations. We remain focused on driving growth and value for our stakeholders, and we look forward to continuing our operations with renewed strength.” We are confident that this resolution will allow us to focus on its business objectives, safeguard employment, and continue delivering value to its customers and shareholders.