Lenders agree to Sterling SEZ's offer for a one-time settlement

The Mumbai bench of the NCLT will hear the lenders' petition Wednesday on the offer made by Sterling SEZ and Infrastructure.

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 by the National Company Law Tribunal (NCLT) in the case of Sterling Biotech. The Mumbai Bench of NCLT will hear on Wednesday the lenders’ petition regarding the offer made by Sterling SEZ. The firm was referred to the NCLT in July 2018 for debt resolution under the Insolvency and Bankruptcy Code 2016.

In February this year, the NCLT had asked the Enforcement Directorate (ED)