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HC directs Wockhardt on Abbott sale proceeds

HC directs Wockhardt on Abbott sale proceeds
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First Published: Thu, Feb 04 2010. 11 56 PM IST
Updated: Thu, Feb 04 2010. 11 56 PM IST
Mumbai: The Bombay high court on Thursday asked troubled Indian drug maker Wockhardt Ltd to deposit the proceeds from a proposed sale of its nutrition business to US drug maker Abbott Laboratories Inc in a separate account with ICICI Bank Ltd if its foreign unsecured creditors allow this deal to go through.
The creditors have filed a winding-up petition against Worckhardt for its failure to clear their dues.
ICICI Bank is one of Wockhardt’s key Indian lenders, who had in June approved a debt restructuring plan for the company.
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First Published: Thu, Feb 04 2010. 11 56 PM IST