2 May 2019: The National Company Law Tribunal on Thursday reserved its judgement on a bankers’ plea to withdraw the bankruptcy proceedings against Sterling Biotech and go for a one-time settlement with the absconding promoters. The tribunal asked the resolution… Read More ›
Sterling Biotech
BQ: ACG Capsules Seeks NCLT Relook At Its Bid For Sterling Biotech
25 April 2019: ACG Associated Capsules, whose bid for Sterling Biotech was rejected by lenders earlier, approached the National Company Law Tribunal on Wednesday asking them to reconsider the bid. This comes amid lenders moving an application seeking to withdraw… Read More ›
CNBCTV18: MCA objects to Sterling Biotech being removed from bankruptcy code
13 April 2019: The Ministry of Corporate Affairs (MCA) on April 13 has objected to the decision for Sterling Biotech to come out from the insolvency bankruptcy code (IBC). The Western Regional Director of the MCA, Manmohan Juneja, moved an application… Read More ›
ET: NCLT stays order to withdraw Sterling SEZ’s insolvency resolution process
13 April 2019: The dedicated bankruptcy court has stayed its earlier order to allow the withdrawal of corporate insolvency process of Sterling SEZ & Infrastructure, a firm owned by brothers Nitin and Chetan Sandesara, believed to be abroad and running… Read More ›
BS: NCLT clears Sterling SEZ’s one-time settlement offer
10 April 2019: The National Company Law Tribunal (NCLT) on Wednesday cleared a controversial proposal by public sector banks to withdraw bankruptcy proceedings against Sterling SEZ and Infrastructure Ltd after the company’s absconding promoters made a one-time settlement (OTS) offer… Read More ›
BS: Lenders agree to Sterling SEZ’s offer for a one-time settlement
10 April 2019: Public sector banks have decided to withdraw bankruptcy proceedings against a second Sterling group company — Sterling SEZ and Infrastructure — even as the fate of a similar one-time settlement (OTS) offer is yet to be decided… Read More ›
ET: NCLT sees violation of Sec 29(A) in Sterling Biotech case
28 March 2019: The National Company Law Tribunal (NCLT) in the Sterling Biotech case for the second time has questioned the motive of lenders, led by Andhra Bank to withdraw their bankruptcy application and to choose a one-time settlement with the absconding promoters of Sterling… Read More ›
