 "NCLT, Rules, Regulations")
The National Company Law Tribunal (NCLT) has issued an order to appoint an Interim Resolution Professional to take charge of the management of Chennai-based pharmaceutical firm Orchid Pharma Ltd.
Orchid Pharma may appeal against the insolvency proceedings initiated against it after a petition by one of its lenders, Lakshmi Vilas Bank, was accepted by the National Company Law Tribunal. Orchid had taken a Rs 50 crore loan from Lakshmi Vilas Bank, backed by real-estate assets, which it failed to repay, according to the court order.
The company is exploring suitable legal recourse, including an appeal before the National Company Law
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