NCLAT stays NCLT order approving Dhanuka resolution plan for Orchid Pharma

Our Bureau Chennai | Updated on July 26, 2019 Published on July 26, 2019

The National Company Law Appellate Tribunal (NCLAT) has stayed the National Company Law Tribunal Chennai, order approving the resolution plan of Dhanuka Laboratories Ltd for revival of Orchid Pharma Ltd.

The order was on a petition by Chennai-based Accord Life Spec Pvt Ltd, a part of the ₹1,700-crore Accord Group belonging to DMK leader and former Union Minister S Jagathrakshgan.

The NCLAT Bench ordered to issue a notice to the Orchid and others, and posted the case for admission on August 28.

The NCLAT Bench ordered the NCLT order shall remain stayed during the pendency of the appeal and the Interim Resolution Professional will ensure that Orchid remains a going concern and will not hand over the possession of the company to Dhanuka without prior permission of the Appellate Tribunal.

Published on July 26, 2019

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