Dhruv Wellness CIRP: CoC timeline extended in 2025

CIRP trigger and why it matters

Dhruv Wellness Limited, a Mumbai-based pharma and wellness products distributor, is undergoing a Corporate Insolvency Resolution Process (CIRP) following an NCLT, Mumbai Bench order dated 18 February 2025. The order was received on 10 March 2025, and the announcement relates to Case No. C.P. (IB) 286/MB/2024. The cited debt default amount is Rs 4,08,81,916 as of 28 March 2024, which is about Rs 4.09 crore. CIRP timelines, CoC voting, and the Expression of Interest process are key milestones because they determine whether a viable resolution plan can be finalised within the statutory framework. The updates also matter for shareholders and creditors tracking process timelines, costs, and the pipeline of prospective resolution applicants.

Company profile and operating footprint

Dhruv Wellness Limited is engaged in the wholesale, trading, and distribution of pharmaceutical, general, ayurvedic, and cosmetic products in India. It serves retailers in Mumbai and adjacent territories, with a focus on western suburbs and nearby outskirts as described in the provided information. The company was incorporated in 2015 and is based in Mumbai, Maharashtra. The CIN listed is L74900MH2015PLC263089. The authorised capital is stated at Rs 11.00 crore and the paid-up capital at Rs 10.54 crore. The address referenced is 207, Royal Appartment, Kasam Baug, Opp Bachani Nagar, Jai Bhavani Lane, Mumbai 400097.

Early-stage creditor process: 1st CoC meeting

The minutes of the 1st Committee of Creditors (CoC) meeting record that it was held on 9 April 2025. While the detailed agenda and outcomes of that meeting are not elaborated in the provided extract, it establishes the timeline of formal creditor oversight after CIRP initiation. CoC meetings are central to approving process costs, reviewing claims, and authorising the resolution professional’s actions. In CIRP cases, these early meetings often set the framework for information sharing and the timetable for the market-facing process. The later meetings in July and August 2025 build on this progression with specific approvals, Form G publication, and timeline extension discussions.

Form G publication and EOI deadlines

The Resolution Professional (RP), Mr. Ashok Mittal, published Form G, the Invitation for Expression of Interest (EOI), on 1 July 2025. The publication was made in two newspapers in Mumbai: Free Press Journal (English edition) and Navakal (Marathi edition). The last date for receipt of EOI was set at 16 July 2025. These dates are important because EOIs are used to identify prospective resolution applicants (PRAs) who may later receive access to the information memorandum and submit resolution plans. Separately, a corporate update also references “Invitation of Resolution Plan” dated 20 August, which reiterates the EOI deadline of 16/07/2025 and states that resolution plans are due by 15/09/2025.

3rd CoC meeting: claims, costs, and resolution-plan documents

The 3rd CoC meeting of Dhruv Wellness Limited (Corporate Debtor) was held on Tuesday, 29 July 2025 at 3:00 PM via video conferencing. The minutes note key discussions including approval of previous meeting minutes and ratification of CIRP costs. A specific resolution states: “RESOLVED THAT the CIRP cost incurred by the Resolution professional of Rs 3,74,039/- is hereby approved and ratified,” which is about Rs 0.04 crore. The meeting also covered updates on claims and EOIs from prospective resolution applicants and recorded items such as the withdrawal of a contempt application and categorisation of claims from MAS Financial and CDSL. These are process-heavy decisions that influence how claims are admitted and how voting shares may be computed.

IM, RFRP and evaluation matrix: what the CoC approved

A key agenda item in the 3rd CoC meeting was to approve the Information Memorandum (IM), Request for Resolution Plan (RFRP), and the Evaluation Matrix prepared by the Resolution Professional. The RP informed CoC members that he would share drafts for approval, subject to receipt of confidentiality undertakings (NDAs) from CoC members. The minutes state that all CoC members had submitted the confidentiality undertaking via mail except Dhani Loans and Services Ltd. The resolution recorded in the minutes states: “RESOLVED THAT the Information Memorandum & RFRP (Request for Resolution Plan) prepared by the Resolution Professional is hereby approved.” This approval is a key prerequisite to moving from EOI collection to plan solicitation and comparative evaluation.

4th CoC meeting: voting, outcomes, and fresh claims

The 4th CoC meeting was held on Wednesday, 13 August 2025 at 5:00 PM via virtual video conferencing mode. The provided text also references “minutes after voting” of the 4th CoC meeting held at 6:30 PM the same day, indicating a documented voting outcome after the meeting. A separate corporate update dated 20 August summarises the 13 August CoC meeting outcomes, including IM/RFRP approval, finalisation of the PRA list, and new claims of Rs 11.88 million, which is about Rs 1.19 crore. The same summary indicates that the CoC intended to seek a 90-day extension to the CIRP timeline. These updates signal that the process remained active around the statutory end-date and required additional time for resolution-plan related steps.

CIRP timeline pressure and extension requests

The minutes from the 29 July 2025 CoC meeting record the RP’s view on timeline constraints. The RP informed members that the CIRP period was set to expire on 17 August 2025, and that discussions and voting on approval of the resolution plan were pending. The RP further stated that an application would be filed with the adjudicating authority to extend the CIRP period by six months, and also referenced filing an IA for exclusion of 20 days. In a later corporate update, the CIRP was extended by 90 days to 15 November 2025. This indicates a shift from a discussed six-month extension to an extension that was ultimately reported as 90 days in the market update.

Financial and market datapoints disclosed during the process

Alongside process milestones, the provided information includes several financial and market datapoints. It references a placement of an FDR of Rs 2.70 crore and notes that 28 EOIs were received with EMDs aggregating Rs 23.3 million, about Rs 2.33 crore, as per the 20 August summary of the 29 July CoC meeting. The same set of updates also points to ongoing claims management and auditor-related discussions. On the market side, Dhruv Wellness share price is stated as Rs 5.06 as on 18 August 2025 at 03:31 PM IST, down 4.88% from the previous share price of Rs 5.32. Another datapoint lists “Current Price Rs 4.81,” without a timestamp in the provided text.

Key facts at a glance

What this indicates about the resolution process

The sequence of Form G publication, receipt of EOIs, and CoC approval of the IM and RFRP points to a process moving from identification of bidders to formal plan invitation. The references to finalisation of the PRA list suggest the RP and CoC were narrowing the universe of applicants eligible to receive process documents and submit plans. The repeated discussion of extensions highlights that the process timetable was tight around mid-August 2025, with key decisions still pending. The reported new claims figure and claim categorisation items underline that admitted claims and their classification remained an active workstream alongside plan solicitation. The FDR placement and the EMD aggregate are also relevant because they show how CIRP-related funds and bidder deposits were being handled during this stage.

Conclusion

Dhruv Wellness Limited’s CIRP in 2025 progressed through CoC meetings in April, July and August, Form G publication on 1 July, and approvals around the IM and RFRP ahead of plan submission activity. With the CIRP period nearing expiry in August, the record shows the RP moving for timeline relief, and later updates reporting an extension of 90 days up to 15 November 2025. The next key date explicitly stated in the provided information is the resolution plan due date of 15/09/2025, which sits within the extended window reported for the process.