Multinational pharmaceutical company Daiichi Sankyo and HDFC Bank are at logger heads with each other to ensure that they are not denied their rightful money by erstwhile Fortis promoters, the Singh brothers. In the latest twist of the tale, Daiichi has moved the National Company Law Tribunal (NCLT) to stay insolvency proceedings of RHC Holdings, initiated by HDFC bank.
HDFC had earlier moved NCLT for recovery of dues from RHC Holdings. Daiichi in its plea to NCLT has stated, “Insolvency proceedings should not carry on matter pending with the high court.”
Daiichi has filed an intervention application in HDFC’s insolvency plea, saying they have the decree to recover dues from RHC Holdings.
Daiichi moved the Delhi High Court earlier in …
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