Insolvency process: NCLT asks bank officials to appear in Sterling SEZ

It also asked the bank executives to be present at the tribunal for the hearing of the matter or else the tribunal would direct an inquiry against the Committee of creditors

The National Company Law Tribunal (NCLT) on Thursday asked the committee of creditors (CoC) to file an affidavit in 24 hours, detailing the reasons for their acceptance of one-time settlement (OTS) offer from the promoters knowing that they were absconding and were involved in fraudulent activities.

It also asked the bank executives to be present at the tribunal for the hearing of the matter or else the tribunal would direct an inquiry against the CoC.

The Ministry of Corporate Affairs (MCA) had earlier objected to the tribunal’s decision accepting the withdrawal of insolvency plea against Sterling SEZ by Srei Infrastructure