Ipca Laboratories Limited (BSE:524494) agreed to acquire Noble Explochem Limited (BSE:506991) on October 4, 2019. Ipca Laboratories shall pay INR 690 million in cash as full and final settlement towards all liabilities of Noble Explochem, secured or unsecured, known or unknown, contingent or otherwise, disputed or undisputed, present or future, towards its financial creditors, insolvency resolution process cost, operational creditors and workmen and employees. The resolution plan provides for delisting and cancellation of the entire equity share capital of Noble Explochem without any consideration to any of its shareholders as well as the merger of Noble Explochem with Ipca Laboratories.

Application for approval of resolution plan is to be made to the National Company Law Tribunal (NCLT), Mumbai Bench. The Committee of Creditors approved the resolution plan of Ipca Laboratories for acquisition of Noble Explochem. The National Company Law Tribunal (NCLT), Mumbai Bench approved the resolution plan for acquisition of Noble Explochem on January 22, 2020.