Lenders plan to appeal against Sterling Biotech liquidation order

Banks are planning to appeal against the National Company Law Tribunal’s (NCLT's) liquidation order of last week for Sterling Biotech.

The decision, to go to the National Company Law Appellate Tribunal (NCLAT), was taken by the Committee of Creditors (CoC). Their reasoning is that liquidation will mean in a bigger loss than they’d previously agreed to bear. 

Earlier, they’d agreed to accept a one-time settlement (OTS) offer worth Rs 3,110 crore from the firm’s now-absconding promoters. However, the NCLT rejected this offer last Wednesday.

This came after diverse stands taken by the official agencies. The Union ministry of corporate affairs