Lenders of Orchid Pharma appoint Sripatham Ramkumar as resolution professional

MUMBAI: The bankers of Orchid Pharma, which is referred to bankruptcy court, has appointed Sripatham Ramkumar as resolution professional. He will replace R Rajasekheran, who was appointed as interim resolution professional.

Lakshmi Vilas Bank has referred Orchid Pharma to National Company Law Tribunal and the court had admitted the company on August 17. However the committee of creditors in a meeting on October 27 has suggested that the IRP be replaced by Sripatham Ramkumar.

The company has a debt exposure of around Rs 3500 crores to the lenders consortium led by SBI. According to an earlier report filed by ET, a number private equity funds and strategic domestic players like KKR, the distressed asset fund of Piramals & Bain Capital, Lupin and Aurobindo Pharma have shown interest in acquiring the company.