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The Debt Recovery Tribunal (DRT) in Chennai cleared the decks for Orchid Pharma to transfer its pencillin and penems API business along with some facilities to the US-based Hospira over a $200 million deal which was announced in August, 2012.

The DRT 1, Chennai, vacated a stay on the Business Transfer Agreement (BTA) between the companies, which was issued almost an year ago in favour of one of ING Vysya Bank, a lender to Orchid Pharma.

Sources close to the development confirmed the order and said the tribunal had pronounced the order on Tuesday.

During the hearing, ING Vysya Bank has argued Orchid had to pay around Rs 44 crore to the bank given to the latter for the working capital, which the company had used for long-term purpose. The Bank said that its accounts should be settled before implementing any agreement.

The bank also said it had opposed the corporate debt restructuring (CDR) package, as it would not receive the actual amount in its implementation.

However, Orchid Pharma argued the CDR proposal was duly accepted by the CDR Empowered Group, and according to which, its creditors, around 22 banks, would be getting a portion of the money they had lent while all of them were sacrificing a part of it, as it is required for the company's revival and payment of debt.

Orchid had argued 22 banks were involved in the CDR and the creditors were sacrificing Rs 364 crore, mostly the interest on credit.

The proposed BTA, which is now a part of the CDR procedure, has been into litigation as some of the debtors and shareholders of the company.

Also, Orchid's dispute with its largest shareholder group, billionaire investor Cyrus Poonawalla and his firms, including the biotech firm Serum Institute, was recently heard in the Chennai Bench of Company Law Board (CLB).

Orchid Pharma also received a favourable order from the CLB, which refused to issue a stay on implementation of its corporate debt restructuring (CDR) programme.

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Debt Tribunal clears decks for $218 mn Orchid-Hospira deal

New Delhi, June 12:

Decks were cleared for N Srinivasan to contest the ICC Presidential elections on June 27 with the Supreme Court today refusing to entertain a Cricket Association of Bihar (CAB) plea seeking to restrain the BCCI President-in-exile from fighting the polls.

A Bench of Justices J.S Kehar and C Nagappan said that the earlier apex court order was clear and it will not hear the plea of CAB on this issue.

The person, who has been restrained from functioning as the BCCI President till the conclusion of probe, cannot be allowed to take contest for the post of President of the ICC, the counsel for CAB said.

The apex court, on May 16, had ordered a probe by the Justice Mukul Mudgal committee against the beleaguered BCCI head and 12 prominent players in IPL betting and spot-fixing scandal.

The court, which had asked the panel to file a report in a sealed envelope before it by the end of August, had also asked Srinivasan not to act as BCCI President during the probe.

Earlier, Srinivasan, during the summer vacation, had moved the apex court seeking modification of earlier orders to enable him to function as BCCI President for non-IPL cricketing activities. The plea, however, was turned down.

The court had said that it cannot modify the orders passed by another bench and asked Srinivasan to approach the bench which had delivered the verdict.

The court had earlier appointed veteran cricketer Sunil Gavaskar as an interim president of BCCI for managing IPL 7.

Shiv Lal Yadav was appointed as an interim BCCI president by the apex court to look after the other cricketing activities of BCCI.

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Apex court rejects plea seeking to restrain Srinivasan from contesting ICC elections

New Delhi, June 12:

Decks were cleared for N Srinivasan to contest the ICC Presidential elections on June 27 with the Supreme Court today refusing to entertain a Cricket Association of Bihar (CAB) plea seeking to restrain the BCCI President-in-exile from fighting the polls.

A Bench of Justices J.S Kehar and C Nagappan said that the earlier apex court order was clear and it will not hear the plea of CAB on this issue.

The person, who has been restrained from functioning as the BCCI President till the conclusion of probe, cannot be allowed to take contest for the post of President of the ICC, the counsel for CAB said.

The apex court, on May 16, had ordered a probe by the Justice Mukul Mudgal committee against the beleaguered BCCI head and 12 prominent players in IPL betting and spot-fixing scandal.

The court, which had asked the panel to file a report in a sealed envelope before it by the end of August, had also asked Srinivasan not to act as BCCI President during the probe.

Earlier, Srinivasan, during the summer vacation, had moved the apex court seeking modification of earlier orders to enable him to function as BCCI President for non-IPL cricketing activities. The plea, however, was turned down.

The court had said that it cannot modify the orders passed by another bench and asked Srinivasan to approach the bench which had delivered the verdict.

The court had earlier appointed veteran cricketer Sunil Gavaskar as an interim president of BCCI for managing IPL 7.

Shiv Lal Yadav was appointed as an interim BCCI president by the apex court to look after the other cricketing activities of BCCI.

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Apex court rejects plea seeking to restrain Srinivasan from contesting ICC polls

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Jun 8, 2014 10:25 PM by AP

CHALMETTE, La. (AP) - A dispute over fees for a Mandeville storage facility will cause delays in getting vital St. Bernard Parish court records needed for real estate transactions and other parish business.

St. Bernard Clerk of Court Randy Nunez tells NOLA.comThe Times Picayune that about 3 million pre-Hurricane Katrina, mold-ridden court records currently are stored in a special Mandeville facility to prevent them from contaminating the newly renovated courthouse in Chalmette.

"I can't bring the files back because of the mold and I can't afford to pay the rent," Nunez said. "It's all FEMA. They should be paying it."

But soon after that courthouse's opening in April 2013, FEMA stopped footing the bill for the records' storage. The federal agency said that while it agreed to pay for storage during the courthouse renovation, its aid stopped after the courthouse opened.

"FEMA has provided funding, as requested by the Clerk of Court, for remediation and storage of records," FEMA stated on Friday. "A request for additional funding for remediation or storage has not been submitted."

The parish already owes about $125,000 in back fees. Because the bill continues to mount, The Windward Group has stopped scanning and sending records to the parish clerk. Instead, Nunez or his employees must now go and scan the files themselves in Mandeville.

"We talked to Mr. Nunez, and said, look, we can't afford to retrieve them, but we won't cut off access to them and we'll teach your people to retrieve them," Bob Rathe, the owner of the Mandeville storage company, said on Friday. "I had two full-time managers doing the retrievals every day, and I can't afford that when I'm not getting paid, but we are not going to cut off access to the records."

The process is arduous, Rathe and Nunez explained. They said that to retrieve files, a person must wear a respirator and a hazmat suit.

Nunez said he likely would only be able to go scan files once or twice a week and that his staff will keep a list of requests. He said he would do the task himself, as "my employees didn't sign up for that."

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Storage fees slow St. Bernard record retrieval

Jose Luis Miln Los porches 14 Sta. City Colors
Jose Luis Miln Los porches 14 Sta. City Colors.

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St Luke #39;s Church Construction - 2014
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