NCLT Chennai Orders Insolvency Proceedings Against Orchid Pharma Founder K Raghavendra Rao
The Chennai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of insolvency resolution proceedings against K Raghavendra Rao, the founder of Orchid Pharma Ltd, and his wife R Vijayalakshmi. The order addresses personal guarantees for company loans totaling Rs 256.29 crore, marking a significant legal development nearly six years after the pharmaceutical firm was transferred to the Dhanuka Group.