# In the matter of Orchid Pharma Ltd. MA-646 & 758-2019 in CP-540-IB-2017

> NCLT judgment dated 2019-08-05. Citation: TCN-2019-NCLT-02096. The Financial Creditor, Punjab National Bank, filed an impleadment application (MA/758/2019) in…

- **Court:** NCLT
- **Order date:** 5 Aug 2019
- **Citation:** TCN-2019-NCLT-02096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orchid-pharma-ltd-ma-646-758-2019-in-cp-540-ib-2017-72525835

## Summary

### Background

The Financial Creditor, Punjab National Bank, filed an impleadment application (MA/758/2019) in MA/646/2019 seeking directions regarding the distribution of margin money. The Bench noted that allowing this application would not affect the stay granted by the NCLAT in Appeal Nos. 761 & 762 of 2019.

## Facts

Punjab National Bank, as a Financial Creditor, filed an impleadment application (MA/758/2019) within another application (MA/646/2019) related to CP/540/IB/2017. The impleadment application sought directions concerning the distribution of margin money. The NCLAT had granted a stay order in Appeal Nos. 761 & 762 of 2019. The court considered whether allowing the impleadment application would affect the NCLAT's stay. The Resolution Professional is involved in the matter.

## Issues and analysis

### Issue 1: Whether the impleadment application (MA/758/2019) …

**Ratio:** An impleadment application can be allowed if it does not prejudice the rights of other

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**Reasoning:** The court reasoned that allowing the impleadment application would not affect the stay

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**Interpretation:** The court interpreted the scope of the impleadment application and its

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**Application:** The court applied the principle that an impleadment application can be allowed

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Punjab National…
- **Respondents:** ORCHID PHAR…; Resolution…

## Timeline

- **2017-01-01 — Initiation of Corporate Insolvency Resolution…**: Corporate Insolvency Resolution Process initiated against Orchid Pharma Ltd,…
- **2019-05-08 — Hearing…**: Hearing held on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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