Resolution professional for insolvent Orchid Pharma to invite new EoI

The NCLT issued its order after Ingen failed to deposit Rs 1,000 cr for the creditors

The Resolution Professional (RP) for insolvent Orchid Pharma is to soon issue an invitation for a renewed Expression of Interest (EoI) from potential investors. This comes after US-based Ingen Capital Group’s resolution plan was annulled by the bench here of the National Company Law Tribunal (NCLT).

Several investors — including Divi’s Laboratories, Fidelity Trading Corporation, ART Capital, Everstone Group, Aion Capital and Piramal Capital — had shown interest in the company.

The NCLT bench issued its order after Ingen failed to implement the plan approved by it. Under the sanctioned resolution plan, the investor was to deposit Rs 1,000 crore