NCLAT stays NCLT order approving Dhanuka Lab's resolution plan for Orchid

The CoC had selected the proposal of Dhanuka Laboratories and gone ahead with the voting even as Accord Life Spec approached the NCLT against CoC's decision

The National Company Law Appellate Tribunal (NCLAT) has stayed the National Company Law Tribunal's (NCLT) order, which approved the resolution plan of Dhanuka Laboratories Ltd for the revival of Orchid Pharma Ltd, after a petition was filed by Chennai-based Accord Life Spec Pvt Ltd. The Bench has ordered that a notice be issued to the pharma company and others, and posted the case for hearing on August 28, 2019.

The NCLAT Bench, comprising Chairperson Justice S J Mukhopadhaya, Member (Judicial) Justice AIS Cheema and Member (Technical) Kanthi Narahari, said that the stay on the NCLT order would continue during the pendency