National Company Law Appellate Tribunal (NCLAT) has rejected the bid of Dhanuka Laboratories for the debt ridden Orchid Pharma, and vacated the order passed by the Chennai-bench of National Company Law Tribunal (NCLT), which had earlier approved its resolution plan. The appellate tribunal observed that the approved resolution value, which stood at Rs 1,146.04 crore, proposed by Dhanuka Laboratories was lower than the liquidation value of Rs 1,309 crore of the company.
Orchid Pharma is a pharmaceutical company engaged in development and manufacture of active pharmaceutical ingredients and finished dosage forms. It is also engaged in research of new drugs.
