The Bombay High Court has admitted the winding up petition against Wockhardt after almost close to 2 years, after the default by the pharma major in 2009. The petition has been filed by the trustee along with the foreign bondholders after Wockhardt's default on $110,000,000 Zero Coupon Convertible Bonds in May 2009.

The winding up proceedings were driven by the instructing bondholders advised by Juris Corp who in-turn instructed the trustee of the defaulted bonds. The trustee i.e. Bank of New York Corporate Trustee Services Limited was advised by DSK Legal to proceed with the winding up action.

Senior Advocate Janak Dwarkadas is appearing on behalf of the foreign bondholders and the trustee of the defaulted bonds i.e. Bank of New York. Senior Advocate Dwarkadas was assisted by Rahul Narichainia. Juris Corp is advising the foreign bondholders with founding Partner H. Jayesh and Partner Huzefa Nasikwala along with Associates Rozmin Lakhani and Neha Vijayvargiya.

Juris Corp stated, “This provides not just respite to the foreign bondholders, but also to foreign investors, especially unsecured ones. This is actually a positive for corporate India as it should easen their ability to raise mezzanine financing more so in the infrastructure sector”.

DSK Legal is advising the trustee with Partner Raksha Kothari along with Senior Associate Munas Virjee.

Senior Advocate Rohit Kapadia is appearing for Wockhardt and is assisted by Yash Kapadia. Senior Advocate Kapadia is being briefed by Majmudar & Co. Partner Neerav Merchant along with Kashish Bhatia.

Media reports that Justice S.C. Dharmadhikari admitted the winding up petition in the Bombay High Court on March 11, 2011. CNBC talks in detail about the likely impact of this decision on Wockhardt.