Chennai: The Resolution Professional appointed by NCLT has called for fresh takeover bids for Orchid Pharma after the Resolution Plan by Ingen Capital was annulled last week. The last date for submission of bids is March 19. The public announcement said the financial investors who are keen to bid must have a networth of Rs 500 crore while for other investors the networth has been fixed at Rs 100 crore.
While annulling the Ingen bid, the NCLT said, “The RP has also mentioned that he has received emails from Divi's Laboratories, Gland Celsus Biochemicals and Fidelity Trading Corporation. Apart from this, he has also submitted that he has received oral enquiries from ART Capital,Everstone group, Aion Capital, Piramal Capital and Finquest group expressing interest in proposing Resolution Plan.” Ingen submitted a bid for Rs 1,000 crore, but failed to bring in the funds which resulted in the collapse of the transaction.