NCLAT sets aside Dhanuka's resolution plan for debt-laden Orchid Pharma

NCLT had approved Dhanuka's resolution plan on June 25, 2019

The National Company Law Appellate Tribunal (NCLAT) has set aside the approval of the resolution plan of Dhanuka Laboratories for Orchid Pharma. 

Dhanuka's plan was approved by the NCLT on June 25. 

The Bench also ordered to remit the matter to NCLT for a decision. The NCLAT order comes on an appeal filed by Accord Life Spec, part of the Rs 1,700-crore Accord Group established by former Union minister of state S Jagathrakshakan, whose resolution plan was rejected by the NCLT while approving Dhanuka's plan.

This was the second attempt to being in an investor to save Orchid Pharma, which owes over