Sterling Biotech in talks with lenders to settle its loans outside IBC

Sterling Biotech was admitted for insolvency proceedings under the Corporate Insolvency Resolution Process (CIRP) on 11 June

Sterling Biotech, the Gujarat-based pharmaceutical company, is with talks with lenders to settle its loans outside the insolvency and bankruptcy code (IBC). The firm was admitted for insolvency proceedings under the Corporate Insolvency Resolution Process (CIRP) on 11 June. 

The legal representative of the committee of creditors (CoC) told the National Company Law Tribunal (NCLT’s) Mumbai Bench that the company had deposited Rs 30 billion in an escrow account to settle dues. Around 85 per cent of the members of the CoC have approved of the offer, the counsel said, and would need a few more days to get the