7 September 2019: The National Company Law Appellate Tribunal (NCLAT) on Friday set two preconditions — clean money certified by the Enforcement Directorate (ED) and timely payment to the creditors — for the absconding promoters of Sterling Biotech to wrest… Read More ›
Sterling Biotech
DNA: Lenders fail to attach Sterling Biotech’s overseas assets
22 August 2019: Banks have failed to take adequate safeguards to protect the loans extended to Sterling Biotech by attaching the oil assets of the promoters in Nigeria. Instead of carrying out a prior examination on how this could be… Read More ›
BS: Insolvency case: NCLAT stays eviction of Sterling Biotech from its premises
5 August 2019: The National Company Law Appellate Tribunal (NCLAT) has stayed eviction of Sterling Biotech from its premises as the debt-ridden company was going under the insolvency resolution process and was under the moratorium period. A two-member bench headed… Read More ›
ET: Gujarat cancels Dahej port contract given to absconding Sandesara brothers of Sterling group
8 July 2019: The Gujarat government Monday canceled all permissions granted to the bankrupt Sterling group promoted by the absconding Sandesara brothers to develop an all-weather port in Dahej. The absconding promoters of the Sterling group– Nitin and Chetan Sandesara–are… Read More ›
DC: Sterling Biotech: ED attaches assets worth Rs 9,778 crore
27 June 2019: The Enforcement Directorate (ED) has attached assets worth over Rs 9,500 crore in connection with its money laundering probe against Gujarat-based pharmaceutical firm Sterling Biotech, which is allegedly involved in a multi-crore bank fraud case. The agency… Read More ›
DNA: CBI investigates on what basis banks gave loans to struggling Sterling Group
25 June 2019: The Central Bureau of Investigation (CBI) is investigating officials and examining documents of banks that have lent money to the Sterling Group, which is facing insolvency proceedings over debts of Rs 15,600 crore, Zee Media has reported…. Read More ›
DNA: SBI, banks gave defaulting Sterling owners Rs 1.3k cr guarantees
11 June 2019: The State Bank of India’s (SBI) loan sanction process to a subsidiary of debt-laden pharmaceutical company Sterling Biotech has come under a cloud. A consortium banks led by the SBI provided guarantees of Rs 1,298.10 crore to… Read More ›
ET: NCLAT stays tribunal’s order to liquidate Sterling Biotech
4 June 2019: The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation order passed by the dedicated bankruptcy court against Gujarat-based Sterling Biotech. The tribunal has granted a stay against the liquidation of the firm in two separate… Read More ›
DNA: Bank of India tags Sandesara brothers as wilful defaulters
5 June 2019: Bank of India (BoI) has declared Sandesara brothers, the absconding promoters of Sterling Biotech as wilful defaulters. The group, which has two companies Sterling Biotech based in Bandra focusing on pharmaceuticals and Sterling Global Oil Resources in… Read More ›
MC: Sterling Biotech lenders receive settlement from promoter-owned company: Report
29 May 2019: Bankers have received a settlement amount from a Nigerian company belonging to the promoters of Sterling Biotech, a company undergoing bankruptcy proceedings, Moneylife reports. The lenders have received an undisclosed one-time settlement from VELL FLO, a company whose… Read More ›
