Bombay HC rejects winding-up case against Wockhardt
Press Trust Of India / New Delhi Oct 16, 2009, 00:59 IST
Debt-ridden pharmaceutical firm Wockhardt today claimed that a winding-up petition filed against it by one of its lenders, DBS Bank, had been rejected by the Bombay High Court.
‘We understand the petition of DBS Bank was not admitted by the high court,” a Wockhardt spokesperson said in a statement. DBS Bank spokesperson could not be reached for comments.
Wockhardt, which has a debt of over Rs 3,700 crore had undertaken a corporate debt restructuring (CDR) programme after it was approved by an empowered group on June 30, 2009, and 14 banks have participated in it.
The spokesperson claimed that DBS Bank had an option to participate in the CDR process but chose not to do so.
“The company and the CDR bankers believe that this petition is not sustainable as it is against public policy,” the spokesperson added.
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