NCLAT rules against Ingen for delaying Orchid Pharma resolution plan

The National Company Law Appellate Tribunal has directed the Centre to take action against US-based investor Ingen Capital Group LLC, its managing director and other directors for not implementing a resolution plan for Chennai-based Orchid Pharma after its proposal was selected by the Committee of Creditors (CoC) and National Company Law Tribunal (NCLT) for implementation. The order comes on a plea filed by Ingen Capital against the Resolution Professional (RP) with the appellate tribunal.

An NCLAT bench comprising Justice S J Mukhopadhaya and Justice Bansi Lal Bhat directed the Centre through the Ministry of Corporate Affairs to take appropriate steps.