Attachment of pharma company’s assests ordered

Jalandhar, February 16

The premises of Centrient Pharmaceuticals at Toansa village in Nawanshahr has been attached on the orders of the District and Sessions Court Nawanshahr. The warrant of attachment of the properties (both movables and immovable) of the pharma company were executed on Wednesday through the office of tehsildar Balachaur.

Hindustan Antibiotics Limited, a Government of India Undertaking, functioning under the Ministry of Chemicals and Fertilisers, Department of Pharmaceuticals, had filed execution proceedings before the court in Nawanshahr seeking execution of money decree passed by the Arbitral Tribunal on June 26, 2015 in favour of Hindustan Antibiotics Limited.

Hindustan Antibiotics Limited is holder of money decree of Rs 1,090.69 crore and to recover the amount, it had filed the execution proceedings. The decretal amount had not been paid by the Centrient Pharmaceuticals to the decree holder — Hindustan Antibiotics Limited.