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Insolvency case: NCLT orders liquidation of debt-ridden Sterling Biotech

This is a setback for its lenders. They were hoping they could withdraw the insolvency proceedings and accept a one-time settlement (OTS) offer from the promoters

Topics
Sterling Insolvency Case  |  Nclt  |  National Company Law Tribunal

Subrata Panda  |  Mumbai 

The Bench of the National Company Law Tribunal (NCLT) here has ordered the liquidation of debt-ridden pharmaceutical company Sterling Biotech. This is a setback for its lenders.

They were hoping they could withdraw the insolvency proceedings and accept a one-time settlement (OTS) offer from the promoters. The tribunal had reservations on this. It also felt that by accepting a withdrawal of insolvency proceedings (under Section 12A of the Insolvency and Bankruptcy Code), the company would essentially revert to the promoters, who are absconding and been declared as wilful ...

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First Published: Fri, May 10 2019. 01:49 IST
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