SC sets aside NCLAT order on Dhanuka's resolution plan for Orchid Pharma

The apex court's ruling effectively gives the green signal to Dhanuka's plan for Orchid Pharma

The Supreme Court of India has set aside a National Company Law Appellate Tribunal's (NCLAT) order rejecting the resolution plan of Gurgaon-based Dhanuka Laboratories for the debt-ridden Chennai-based Orchid Pharma. The latest order, in an appeal filed by State Bank of India (SBI), is a green signal to Dhanuka Laboratories' resolution plan, which was approved by the National Company Law Tribunal (NCLT) in June 2019, legal sources said.

The NCLAT, in November, 2019, had set aside the NCLT's order, which approved the resolution plan of Dhanuka, observing that the resolution plan is less than the liquidation value, which is against the