# In the matter of Orchid Pharma Ltd. (Lakshmi Vilas Bank Ltd. Vs. Orchid Pharma Ltd.) MA No. 211-IB-2018 in CP-540-IB-2017

> NCLT judgment dated 2018-07-12. Citation: TCN-2018-NCLT-01156. The case involves the corporate insolvency resolution process of M/s. Orchid Pharma Limited.…

- **Court:** NCLT
- **Order date:** 12 Jul 2018
- **Citation:** TCN-2018-NCLT-01156
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orchid-pharma-ltd-lakshmi-vilas-bank-ltd-vs-orchid-pharma-ltd-ma-no-211-ib-2018-68e01a0d

## Summary

### Background

The case involves the corporate insolvency resolution process of M/s. Orchid Pharma Limited. The Resolution Professional (RP) submitted that the Tribunal had initiated the corporate insolvency resolution process on 17.08.2017. A moratorium was declared under Section 14 of the Code, and Mr. CMA CS Rajasekaran was appointed as the interim resolution professional (IRP). The Applicant was later appointed as RP on 27.10.2017. The Committee of Creditors (COC) convened a meeting on 04.06.2018, where the Resolution Plan by Ingen Capital Group LLC was placed and approved.

## Facts

M/s. Orchid Pharma Limited is undergoing corporate insolvency resolution process. The Tribunal initiated the process on 17.08.2017. Mr. CMA CS Rajasekaran was initially appointed as the interim resolution professional (IRP), and later, the Applicant was appointed as the RP on 27.10.2017. A moratorium was declared under Section 14 of the Code. The COC convened a meeting on 04.06.2018, where the resolution plan by Ingen Capital Group LLC was approved. The plan involved acceptance of resolution of Rupees 1490 crores, waiver of Earnest Money Deposit (INR 5 crore), and waiver of Performance Guarantee (INR 50 crore). The Ordinance passed on 06.06.2018 amended the provisions of the IBC, 2016, specifically regarding the eligibility criteria in section 29A. The resolution plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Ingen Capital Group LLC should be re-voted on by the …

**Ratio:** The amended Section 30 of the IBC, 2016, requires that the committee of creditors may

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**Reasoning:** The Tribunal reasoned that since the resolution plan was approved by the COC on

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**Interpretation:** The interpretation of the amended Section 30 of the IBC, 2016, and the

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**Application:** The ratio and reasoning apply to the specific facts of this case because the

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## Parties

- **Judges:** K. ANANTHA…; S. VIJAYARA…
- **Appellants:** The Resolution…
- **Respondents:** M/s. Orchid…; M/s.Lakshmi Vilas…

## Timeline

- **2017-08-17 — Initiation…**: Tribunal admitted an application initiating the corporate insolvency resolution process…
- **2017-10-27 — Appointment…**: Applicant was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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