NCLT questions Sterling Biotech lenders on accepting deal from promoters

Sterling Biotech was referred to the NCLT in June last year

The National Company Law Tribunal (NCLT) asked lenders of Sterling Biotech how they had accepted the one-time settlement (OTS) offer from the promoters of the bankrupt firm.

The NCLT also plans to write to central government agencies investigating Nitin and Chetan Sandesara in case they want to make any representation. The NCLT observed that if the Sandesara brothers were absconding, how did banks accept the OTS. The case will be heard again on March 26.  

The tribunal will also ask the Ministry of Corporate Affairs, the Enforcement Directorate (ED), income-tax authorities, Central Bureau of Investigation (CBI), Securities and Exchange Board