Orchid pharma has received a favorable ruling from the National Company Law Tribunal (NCLT) Chennai Bench, which dismissed an application filed by DBS Bank regarding lease rent claims during the Corporate Insolvency Resolution Process (CIRP) period. The order was pronounced on April 02, 2026, and made available on the NCLT website on April 10, 2026.

NCLT Order Details

The NCLT Chennai Bench, presided over by Hon'ble Member (Judicial) Shri. Jyoti Kumar Tripathi and Hon'ble Member (Technical) Shri. Ravichandran Ramasamy, dismissed the Interim Application filed by DBS Bank (formerly known as Lakshmi Villas Bank). The application sought relief under multiple sections of the Insolvency and Bankruptcy Code, 2016.

Nature of DBS Bank's Application

DBS Bank (erstwhile Lakshmi Vilas Bank) had filed an Interim Application claiming lease dues for the CIRP period and Insolvency Resolution Process Cost. The bank sought relief under Section 60(5)(a), (b) and (c) read with Sections 30(2) and 53 of the Insolvency and Bankruptcy Code, 2016, along with various regulations under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Financial Impact Assessment

Orchid Pharma has disclosed that the NCLT's dismissal of DBS Bank's application has no quantifiable financial impact on the company's operations or other activities. This outcome represents a positive development for the pharmaceutical company, as it eliminates potential financial obligations that could have arisen from the lease rent claims.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This intimation follows an earlier communication dated September 27, 2023, indicating that the legal proceedings have been ongoing for a considerable period.

Court Proceedings

The hearing was conducted through video conferencing on April 02, 2026, at 10:30 AM. The respondent was represented by learned counsel Mr. Kastubh Prakash during the proceedings. The tribunal's decision to dismiss the application marks the conclusion of this particular legal matter in favor of Orchid Pharma.

Orchid Pharma Limited has submitted its quarterly compliance certificate to the National Stock Exchange and BSE Limited, confirming adherence to depositories regulations for the quarter ended March 31, 2026. The pharmaceutical company filed the mandatory documentation under SEBI Regulation 74(5) on April 9, 2026.

Regulatory Compliance Documentation

The confirmation certificate was issued by Abhipra Capital Limited, the company's registrar and share transfer agent, on April 1, 2026. This certificate validates compliance with the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, as amended, for Quarter-IV of Financial Year 2025-26.

Certificate Confirmations

Abhipra Capital Limited confirmed several key compliance aspects in their certificate. The registrar verified that securities received from depository participants for dematerialization during the quarter were properly confirmed to the depositories. Additionally, they confirmed that securities comprised in the certificates have been listed on stock exchanges where previously issued securities are listed.

The certificate also validates that security certificates received for dematerialization were mutilated and cancelled after due verification by depository participants. The registrar confirmed that depository names were substituted in the register of members as registered owners within the mandated 15-day timeframe.

Filing Details and Authorization

Company Secretary and Compliance Officer Kapil Dayya (Membership No: F10698) signed and submitted the compliance documentation on behalf of Orchid Pharma Limited. The submission was made to both major stock exchanges where the company's shares are listed.

Depository Notification

Copies of the compliance certificate were also forwarded to both major depositories in India. National Securities Depository Limited and Central Depository Services (India) Limited received the documentation as part of the regulatory filing process, ensuring comprehensive compliance across all relevant regulatory bodies.

The filing demonstrates Orchid Pharma's commitment to maintaining regulatory compliance and transparent reporting practices in accordance with SEBI guidelines for depositories and participants regulations.