NCLT rebukes Sterling Biotech resolution professional, demands explanation

The CIRP of Sterling Biotech ended on March 8, 2019, after the 180-day period was extended by a further 90 days

The National Company Law Tribunal (NCLT) reprimanded the resolution professional of Sterling Biotech for failing to discharge his duties and has asked him to submit an explanation as to why he didn’t opt for liquidation when no resolution plan was being approved by the committee of creditors (CoC), and file his report within the time provided under the Insolvency and Bankruptcy Code (IBC).

The resolution professional had filed an application with the tribunal to continue his duties as a resolution professional of the corporate debtor till the disposal of the case. The resolution professional also wanted to convene meetings of