The NCLAT has rejected the bid of Dhanuka Laboratories for the debt ridden Orchid Pharma, and vacated the order passed by the Chennai-bench of NCLT, which had earlier approved its resolution plan.
The National Company Law Tribunal (NCLT) on Monday approved Gurgaon-based Dhanuka Laboratories’ Rs 1,116 crore resolution plan to take over the debt ridden Orchid PharmaNSE 4.35 % in what could be termed as yet another case resolved under the Insolvency and Bankruptcy Code (IBC). nnnRead more at:n//economictimes.indiatimes.com/articleshow/69950982.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Gurgaon-based Dhanuka Laboratories has been shortlisted as the highest qualified bidder to take over distressed company Orchid PharmaNSE 4.72 %. The company has bid less than 1,000 crore for Orchid that owes lenders 3,200 crore, which means lenders will vote for what will effectively mean a close to 70% haircut.
There are three pharmaceutical bidders for debt-ridden Orchid Pharma Ltd in the second round of Corporate Insolvency Resolution Process (CIRP) -- Gurgaon-based Dhanuka Laboratories, Chennai-based Accord Life Spec and Hyderabad-based Covalent Laboratories -- and the one with the highest bid might get a nod from the bankers for the resolution plan.
The French National Agency for Medicines and Health Products Safety issued a warning letter to Indian API maker Dhanuka Labs after inspectors found a risk for product contamination and other issues at its Gurgaon, Haryana, plant.
Dhanuka Laboratories Fails EDQM Inspection
Dhanuka Laboratories Ltd. fails EDQM Inspections