IBC Resolution Overrides FEMA Penalty; ₹8 Cr Fine on Orchid Pharma Quashed

Orchid Pharma Ltd. Vs Special Director (Appellate Tribunal Under SAFEMA Delhi) IBC Resolution Plan Overrides FEMA Penalty-SAFEMA Tribunal Quashes ₹8 Cr Penalty Against Orchid Pharma After Change in Management The SAFEMA Appellate Tribunal allowed the appeal of M/s Orchid Pharma Ltd. & set aside FEMA penalties imposed for alleged export-related contraventions, holding that post-IBC resolution the corporate debtor was entitled to immunity. The Enforcement Directorate had imposed penalties exceeding ₹8 crore for alleged violations of s.7 of FEMA relating to non-realisation & export c...