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Drug-maker Wockhardt appears to have got a breather in the wind-up petition brought against it by unhappy bond-holders and investors.
The Bombay High Court has issued an ad-interim stay on the order of admission of the winding-up petition, passed by the single bench on March 11, filed by BNY Corporate Trustee on behalf of FCCB holders, said Mr Neerav Merchant, Associate Partner at Majmudar and Co, the law-firm handing the case for Wockhardt.
To this end, Wockhardt has been directed by the division bench of the High Court to pay 25 per cent of the outstanding amount, — Rs 115 crore (approximately) in the court by May 3, he added.
Wockhardt had defaulted on the repayment of its $110 million FCCB in 2009. The present outstanding amount is estimated at over Rs 450-odd crore, a source said. The Trustee and foreign bond-holders are being represented by DSK Legal and Juris Corp, respectively.
Earlier this month, the HC had admitted the wind-up petition, filed by BNY on behalf of bond-holders including Sun Pharma Global and QVT. The very admission of the wind-up petition was significant, explained lawyers, as the company has about 6,000 employees and manufacturing facilities, besides being present in four foreign jurisdictions.
Wockhardt shares were up almost five per cent on the BSE, at Rs 331 on Wednesday.
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