During the plan of declaration, Dhanuka Laboratories are looking for the bankruptcy procedure, where Orchid Pharma is present with NCLT. Accord Life Spec Pvt Ltd, which is based at Chennai, has informed the committee that it is now all set for revising its tender to nearly Rs 615 crore.
Although, the portion of Accord Life Spec is around 1,800 Cr with the Accord Association. This is launching by a leader of DMK along with the previous state’s Union minister, S Jagathrakshakan.
The association has extensive interests within the technical university, medical education, hospitals, hotels, and breweries. Thus, Accord claims the evaluation for professional declaration for delivering a plan of resolution for Dhanuka Laboratories. Moreover, as agreed by the CoC (committee of creditors) is actually illegal as per the process. Hence, this is coming under IBC (Insolvency Bankruptcy Code). Calling for the plan of resolution that it has given it as a viable one. Accord Life Spec states that it is “keen for revising plus rising the value within the plan. All this after all the discussions along with the committee of creditors. In case of any occasion, it is offering to the claimant herein.”
Also, it acknowledged that “Currently, an applicant has projected for paying an amended amount of almost Rs 615 crore towards the CoC. That hasn’t been held for the committee of creditors at any occasion. Furthermore, Accord submits that there has been a rightful as well as the fair occasion of their having an appropriate revival. Thus, the recovery in large amount for creditors, where applicants are providing the opportunity for displaying the strategy.