Orchid Pharma RP hits roadblock as Ingen Capital fails to infuse funds

While the NCLT on Nov 2 has sought Ingen Capital to pay Rs 3.34 billion by Orchid Pharma - in 5 days, the investor has not infused any fund during that time

The resolution process of Orchid Pharma has hit a roadblock with the successful bidder, US-based Ingen Capital has failed to infuse any funds, even after orders from the National Company Law Tribunal (NCLT) to pay at least one-third of the amount it has to pay. While the NCLT on November 2 has sought Ingen Capital to pay Rs 3.34 billion, that is, one-third of the due payment to the financial creditors by Orchid Pharma - in five days, the investor has not infused any fund during that time, it said. 

The Committee of Creditors (CoC) has earlier selected the resolution