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NCLT reads insolvency rules at Orchid Pharma's promoter group firm

The bank's dues, by July 2018, were Rs 215.7 crore

Drugs, Pharma, medicine
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Gireesh Babu Chennai
The insolvency resolution procedure will be applied on Orchid Healthcare, a promoter group company of Chennai-based Orchid Pharma, which is already under this procedure.   The order, from the bench of the National Company Law Tribunal, was in response to a petition from IDBI Bank. It had loaned Rs 191 crore in July 2014 to Orchid Pharma, for which Orchid Healthcare was guarantor. 

The bank's dues, by July 2018, were Rs 215.7 crore (a consortium of 24 banks had lent a total of about Rs 3,200 crore to the drug maker). With the borrower not repaying and also under the Corporate Insolvency

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First Published: Mar 29 2019 | 12:59 AM IST

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