The tribunal also said the promoters will have to settle their case with the creditors within a specified period.
Biocon is confident of addressing these observations through a corrective and preventive action plan in a timely manner, it added.
The integrated insulins facility in Malaysia manufactures drug substance and drug products in vials, cartridges, and insulin delivery devices was inspected in May 2019.
US health regulator has issued 12 observations after the inspection of three of Biocon's units in Malaysia.
The Board of Directors in its meeting approved the sale of Branded Formulations India (BFI) business to Biocon Biologics India (BBIL).
“The tribunal has decided to refer the company for insolvency in a verbal order,” said one of the people.
The CCI had initiated a probe against the company and the role of its officials and directors following a complaint by several local seed companies led by Nuziveedu Seeds.
For the second time, the NCLT has questioned the motive of Sterling Biotech's lenders, led by Andhra Bank.
There is a compelling need to focus on Biosimilar from govt and patients' point of view. Biocon and Mylan are leading the way along with few others in the Biosimilars segment, says Kiran Mazumdar-Shaw of Biocon limited.
The four promoters of Sterling Biotech are absconding and are facing extradition orders.
MMBL sells Bt technology to cotton seed companies under sub-licence agreements.
CCI has fined both Monsanto Holdings and Mahyco Monsanto Biotech (India).
A bench of Chief Justice Rajendra Menon and Justice V K Rao said the officers or directors of a company can be proceeded against, along with the entity.
"The erstwhile UPA regime and the present Modi government have taken some good steps, but have not done enough to improve the economy," Shaw said.
Subbarao KV, MD (South Asia), Corteva Agriscience, the agriculture division of DowDuPont, also said that once the Genetic Engineering Appraisal Committee (GEAC) allows commercial cultivation of GM food crop, the company would hold final field trials.
Telangana government proposes to set up India’s first Biopharma-Hub to provide support to the biopharma research and development activities.
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