National Company Law Tribunal Dismisses DBS Bank's Claim Against Orchid Pharma Limited
Orchid Pharma Limited reported that the National Company Law Tribunal (NCLT), Chennai Bench, dismissed an application filed by DBS Bank, formerly known as Lakshmi Villas Bank. This order pertains to the claim of lease rent during the Corporate Insolvency Resolution Process (CIRP) period.The Tribunal passed the order on April 2, 2026, and the details of the order were made available on April 10, 2026.
The action taken involved the dismissal of an Interim Application (IA) filed by DBS Bank (formerly known as Lakshmi Vilas Bank). The claim sought relief under Section 60(5)(a), (b) and (c) read with Sections 30(2) and 53 of the Insolvency and Bankruptcy Code, 2016, alongside specific regulations from the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016.
According to the details provided regarding the action, DBS Bank (erstwhile Lakshmi Vilas Bank (LVB)) had filed the Interim Application (IA) claiming lease dues for the CIRP period and Insolvency Resolution Process Cost. The impact on the listed entity's financial, operational, or other activities was reported as Nil.
The following table summarizes the key details pertaining to the NCLT's decision:
| Particulars | Details |
|---|---|
| Name of the authority | National Company Law Tribunal, Chennai Bench |
| Action Taken | Dismissal of Interim Application (IA) of DBS Bank (Formerly known as Lakshmi Villas Bank) |
| Order Pronouncement Date | April 02, 2026 |
| Date Order Made Available | April 10, 2026 |
| Violation Alleged | Claiming lease dues for CIRP period and Insolvency Resolution Process Cost |
| Quantifiable Impact | Nil |
The proceeding related to Application Number IA(IBC)/784/CHE/2020 and Petition Number CP/540/IB/2017, with Orchid Pharma Ltd & 2 others listed as respondents.
ORCHPHARMA Stock Price Movement
Orchid Pharma Limited shares rallied on Friday, settling at ₹558.7 after climbing 3.72% from its prior close. The equity saw a significant trading day, recording a total volume of 61,386 shares.Source:
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