 "NCLAT's nod to Sterling Biotech for settlement with lenders baffles experts")
The NCLAT has said once a resolution plan for a debt-ridden company is approved by the lenders, then the successful bidder cannot be permitted to withdraw its offer.
A three-member NCLAT bench said the sanctity of resolution process has to be maintained and such withdrawal by a successful bidder "frustrate" the entire exercise of Corporate Insolvency Resolution Process (CIRP).
Moreover, there is also no express provision in the Insolvency & Bankruptcy Code to allow any successful resolution applicant to "stage a U-turn", it added.
"We are of the considered opinion that the sanctity of resolution process has to be maintained and the resolution
