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NCLT rejects JM Financial Asset Reconstruction's plea in Arch Pharmalabs case
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NCLT rejects JM Financial Asset Reconstruction's plea in Arch Pharmalabs case
23 May 2024
The National Company Law Tribunal (NCLT) has dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs. In its application, JM Financial ARC had sought the tribunal's intervention to include it as a necessary party since it has acquired 97% of Arch Pharmalabs' debt and has credit exposure of over ₹9,500 crore.
The National Company Law Tribunal (NCLT) has dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs. In its application, JM Financial ARC had sought the tribunal's intervention to include it as a necessary party since it has acquired 97% of Arch Pharmalabs' debt and has credit exposure of over ₹9,500 crore.
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