Orchid Pharma: Potential applicants seek FY19 financials before submission of plan

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Published: May 7, 2019 4:20:36 AM

As Orchid Pharma is a listed entity and the details sought for are price sensitive, the RP informed the CoC that the financial information requested for would be uploaded on the website of the company.

Orchid Pharma, stock exchange, committee of creditors, CoC, NCLT, CIRP, industry news, financial express, financial express newspaper, financial express epaper, financial express today, financial express epaper todayOrchid Pharma: Potential applicants seek FY19 financials before submission of plan (Representative Image)

According to an Orchid Pharma filing with the stock exchanges, the committee of creditors (CoC) of the company in a meeting held on May 3, 2019, had been informed that the potential applicants want to possess provisional financials for the year ended March 31, 2019 before submission of resolution plans.

However, the resolution professional (RP) said the statutory audit for 2018-19 would not be completed before the due date for submission of resolution plans, as the audit is for the entire financial year. As Orchid Pharma is a listed entity and the details sought for are price sensitive, the RP informed the CoC that the financial information requested for would be uploaded on the website of the company.

The RP has also informed the CoC that the US Food and Drug Administration had issued a notice on April 24, 2019 for inspection of the company’s facility in Alathur, Kanchipuram, during July 22 to 31, 2019.

The National Company Law Tribunal (NCLT) on February 28 had cancelled the resolution plan of US-based Ingen Capital Group, as the investor failed to implement the plan approved by the tribunal earlier. The drugmaker has a total debt of `3,200 crore from a consortium of 24 banks.

The NCLT allowed 105 days for a fresh corporate insolvency resolution process (CIRP) considering the time lost from the date of previous expression of interest, that is November 16, 2017, to the date of the annulment of the approved resolution plan of Ingen Capital. It had also reinstated the RP and the CoC to ensure running of the company as a going concern.

SV Ramkumar, the RP for the company, had invited resolution plans from eligible participants on April 10, 2019, and the last date for submission of resolution plans is May 10, 2019.

The RP had earlier informed the NCLT that he had received e-mails from Divi’s Laboratories, Gland Celsus Biochemicals and Fidelity Trading Corporation. Apart from this, he had received oral inquiries from ART Capital (India), Everstone Group, Aion Capital, Piramal Capital and Finquest Group expressing interest in proposing resolution plans.

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