Sterling Biotech Case
NCLAT dismisses PNB's plea against Sterling Biotech sale to US-based firm
The National Company Law Appellate Tribunal has set aside the plea of a UK-based subsidiary of Punjab National Bank against the NCLT order, approving the sale of Sterling Biotech to US-based food technology startup Perfect Day. The Mumbai bench of the National Company Law Tribunal (NCLT) on November 11, 2022, approved a Rs 638 crore bid of Perfect Day in an auction conducted by the liquidator of Sterling Biotech under the Insolvency & Bankruptcy Code. However, this was challenged by Punjab National Bank (International) Ltd, a stakeholder in Sterling Biotech, before the appellate tribunal National Company Law Appellate Tribunal (NCLAT), contending that the value of the Corporate Debtor was much higher than the one mentioned in the e-Auction notice. It had prayed to stay the auction process, direct the liquidator to maintain the status quo and invite fresh bids. According to the PNB's subsidiary, the value of Sterling Biotech was much higher than Rs 548.46 crore mentioned in the ...
 "NCLAT dismisses PNB's plea against Sterling Biotech sale to US-based firm")
Insolvency case: NCLAT stays eviction of Sterling Biotech from its premises
Besides, the appellate tribunal also said that 'the Liquidator cannot sell the assets of the premises in question'
 "Insolvency case: NCLAT stays eviction of Sterling Biotech from its premises")
Sterling Biotech bank fraud case: ED summons actor Dino Morea, DJ Aqeel
The actor and the popular disc jockey (DJ) have been asked to depose before the Enforcement Directorate
 "Sterling Biotech bank fraud case: ED summons actor Dino Morea, DJ Aqeel")
Rs 8,100 cr bank fraud case: ED to send LRs to 21 countries for assistance
The LRs will also be send to Albania, where the court recently allowed the ED to send extradition requests
 "Rs 8,100 cr bank fraud case: ED to send LRs to 21 countries for assistance")
