Dhanuka Lab bid for Orchid Pharma hits new wall as one lender changes vote

Punjab National Bank (International) Limited dissents minutes before e-voting closes, taking the assents to below the 66% threshold

There has been a twist to the insolvency resolution process for Orchid Pharma Ltd, in its second attempt to find a successful resolution plan. The highest bid, offered by Dhanuka Laboratories, faced a new hurdle on Tuesday, June 11, with Punjab National Bank (International) Ltd changing its vote to dissent against the proposal, just ahead of the closing of e-voting. The decision on the resolution plan will be now taken by the National Company Law Board (NCLT).

According to a regulatory filing by Orchid Pharma, the resolution, for which the e-voting was kept open from June 7 morning 9 am