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Insolvency process: Sterling group firms offer steep haircuts to lenders

The group's promoters, being probed for bank loan fraud, are absconding

Topics
Insolvency  |  Sterling Biotech  |  Insolvency And Bankruptcy Code

Advait Rao Palepu  |  Mumbai 

Sterling Biotech and Sterling Global Oil Resources, through their promoting company Sandesara Group, are seeking to settle their outstanding dues througha One-Time-Settlement (OTS) offer.

In letters sent to heads of banks, Sterling Biotech has offered to pay back Rs 24.15 billion of Rs 42.3 billion of outstanding loans, while Sterling Global Oil Resources has offered to pay back Rs 144.2 billion out of dues worth Rs 644.6 billion (at US$= Rs 68.5). While Sterling Biotech is currently facing insolvency proceedings at the National Company Law Tribunal in Mumbai, its promoter Nitin ...

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First Published: Sun, September 30 2018. 18:36 IST
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