NCLT to start insolvency proceedings against Orchid Pharma
DSIJ Intelligence / 23 Aug 2017
The National Company Law Tribunal (NCLT), Chennai Bench, has admitted a petition filed by Laxmi Vilas Bank in its capacity as operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orchid Pharma.
The National Company Law Tribunal (NCLT), Chennai Bench, has admitted a petition filed by Laxmi Vilas Bank in its capacity as operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orchid Pharma. The said order provides for initiating the corporate insolvency resolution process (CIRP) and the appointment of an interim resolution professional to take charge of the management of the company.
The company is in the process of exploring suitable legal recourse, including an appeal before the National Company Law Appellate Tribunal (NCLAT) in consultation with its counsel, informed Orchid Pharma in a BSE filing on Tuesday post market hours.
Engaged in the development, manufacture and marketing of various bulk actives, formulations and nutraceuticals, Orchid Pharma was trading at Rs 21.80 per share, down by Rs 2.15 or 8.98% as at 0928 hours on Wednesday, on the BSE. The stock traded on a new 52-week low value of Rs 21.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.