The Resolution Professional (RP) filed an MA against Hospira Healthcare India Private Limited (Hospira), Kailasam Raghavendra Rao (Managing Director), and Orchid Health Care Limited, alleging undervalued transactions defrauding creditors under Sections 45, 49, and 66 of the Insolvency and Bankruptcy Code (IBC). The RP's application was triggered by observations made by a forensic auditor regarding discrepancies in the holdback money related to a Business Transaction Agreement (BTA) between Hospira and Orchid Pharma Limited. The BTA, dated August 29, 2012, involved Hospira acquiring one of Orchid's corporate debtor units. A portion of the consideration was retained as hold-back money to meet contingencies. The RP alleged that Hospira did not furnish details regarding
…Orchid Pharma Limited was undergoing Corporate Insolvency Resolution Process (CIRP). Hospira acquired one of the corporate debtor units at Aurangabad and Sholinganallur, in that transaction pursuant to a Business Transaction Agreement (BTA) dated 29th August, 2012 for a consideration of USD 202,500,000 (in ₹1350crores), ₹105Crores has been retained as hold-back money to meet the contingencies as stated in the BTA raised during the enforcement of agreement between Hospira and the Corporate Debtor. The Resolution Professional (RP) filed an application alleging that Hospira did not furnish details regarding the disbursement of ₹79.15 crores of the holdback amount, which was shown as written off in the books of the corporate debtor. The RP claimed that the transaction
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Hospira and Orchid Pharma Limited entered into a…
SICOM issued a no-objection certificate to…
The Resolution Professional (RP) filed an MA against Hospira Healthcare India Private Limited (Hospira), Kailasam Raghavendra Rao (Managing Director), and Orchid Health Care Limited, alleging undervalued transactions defrauding creditors under Sections 45, 49, and 66 of the Insolvency and Bankruptcy Code (IBC). The RP's application was triggered by observations made by a forensic auditor regarding discrepancies in the holdback money related to a Business Transaction Agreement (BTA) between Hospira and Orchid Pharma Limited. The BTA, dated August 29, 2012, involved Hospira acquiring one of Orchid's corporate debtor units. A portion of the consideration was retained as hold-back money to meet contingencies. The RP alleged that Hospira did not furnish details regarding
…Orchid Pharma Limited was undergoing Corporate Insolvency Resolution Process (CIRP). Hospira acquired one of the corporate debtor units at Aurangabad and Sholinganallur, in that transaction pursuant to a Business Transaction Agreement (BTA) dated 29th August, 2012 for a consideration of USD 202,500,000 (in ₹1350crores), ₹105Crores has been retained as hold-back money to meet the contingencies as stated in the BTA raised during the enforcement of agreement between Hospira and the Corporate Debtor. The Resolution Professional (RP) filed an application alleging that Hospira did not furnish details regarding the disbursement of ₹79.15 crores of the holdback amount, which was shown as written off in the books of the corporate debtor. The RP claimed that the transaction
…Hospira and Orchid Pharma Limited entered into a…
SICOM issued a no-objection certificate to…