Orchid Pharma has said that the National Company Law Tribunal (NCLT), Chennai Bench has admitted a petition filed by Laxmi Vilas Bank in its capacity as an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC).
The said order provides for the commencement of Corporate Insolvency Resolution Process (CIRP) and appointment of an Interim Resolution Professional to take charge of the management of the company.
The company is in the process of exploring suitable legal recourse including an appeal before the National Company Law Appellate Tribunal (NCLAT) in consultation with its counsel, said Orchid Pharma in a BSE filing on Tuesday post market hours.
Meanwhile, Orchid Pharma was trading at Rs 21.80 per share, …
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