Orchid Pharma says closer to resolution as RP has received three plans

NCLT had earlier cancelled the resolution plan by US-based Ingen Capital after it refused to infuse the upfront amount, seeking certain data from the drug maker.

Orchid Pharma Ltd is one step closer to finalising its second attempt to find a resolution plan under the Corporate Insolvency Resoltuion Process (CIRP) it initiated earlier, as the Resoltuion Professional (RP) received three resolution plans as on May 17, 2019.

The National Company Law Tribunal (NCLT) had earlier cancelled the resolution plan by US-based Ingen Capital after it refused to infuse the upfront amount, seeking certain data from the pharmaceutical company.

According to a company filing with the exchanges, Orchid Pharma has said that the RP has received three resolution plans from prospective resolution applicants