The Resolution Plan of Gurgaon-based Dhankua Laboratories for the revival of Chennai- based debt-ridden company Orchid Pharma Ltd. has been implemented, which is potentially fetching secured lenders around 32.3 per cent of recovery. The culmination of the long-drawn resolution process for the pharmaceutical company, Dhankua Lab, which saw its first approved resolution plan by the NCLT, by US-based company Ingen Capital, got annulled due to the non-payment of the required amount.
The NCLT, by annulling the resolution plan, allowed the Resolution Professional (RP) to go for an option for another round of resolution process. The Committee of Creditors (CoCs) have approved the proposal of Dhanuka Laboratories, in the second attempt of resolution process, following which an unsuccessful bidder company Accord Life Spec had approached the NCLT against the decision of the CoCs.
It was observed by the division bench of the Honourable Supreme Court that the judgement of the NCLAT has to be set-aside in view of a recent judgement where it was held that no provision of the IBC, 2016 or its Regulations are brought to the notice of the tribunal/ court, under which the bid of any resolution applicant has to match the liquidation value which is arrived at in the manner provided in the relevant regulations.
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