Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2018-06-11. Subsequently, Andhra Bank filed MA 951/2019 seeking to withdraw the CIRP under Section 12A of the IBC, based on an OTS (One-Time Settlement) offer from the promoters of Sterling Biotech. The Committee of Creditors (CoC) considered the withdrawal, but the initial resolution for withdrawal did not receive the requisite 90% voting share. Andhra Bank then submitted a fresh Form FA for withdrawal, supported by a majority of the CoC members. The Resolution Professional (RP) sought details of the OTS offer, but Andhra Bank stated they would address the Tribunal directly.
…Andhra Bank initiated CIRP against Sterling Biotech Limited under Section 7 of IBC. The CIRP was admitted on 2018-06-11. Andhra Bank filed MA 951/2019 to withdraw CIRP under Section 12A, based on an OTS offer from Sterling Biotech's promoters. The initial CoC vote for withdrawal failed to reach the 90% threshold. Andhra Bank submitted a fresh Form FA for withdrawal. The RP requested details of the OTS offer, but Andhra Bank stated they would address the Tribunal directly. The CoC received a revised OTS offer from the Corporate Debtor's promoter on 2018-08-08. The CoC accepted the withdrawal of CIRP with 90.32% vote in the 14th meeting. The Resolution Professional put a fresh resolution for withdrawal of CIRP under section 12A to vote on 2019-03-05, which received
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Corporate Insolvency Resolution Process…
The CoC received a revised offer from the…
Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2018-06-11. Subsequently, Andhra Bank filed MA 951/2019 seeking to withdraw the CIRP under Section 12A of the IBC, based on an OTS (One-Time Settlement) offer from the promoters of Sterling Biotech. The Committee of Creditors (CoC) considered the withdrawal, but the initial resolution for withdrawal did not receive the requisite 90% voting share. Andhra Bank then submitted a fresh Form FA for withdrawal, supported by a majority of the CoC members. The Resolution Professional (RP) sought details of the OTS offer, but Andhra Bank stated they would address the Tribunal directly.
…Andhra Bank initiated CIRP against Sterling Biotech Limited under Section 7 of IBC. The CIRP was admitted on 2018-06-11. Andhra Bank filed MA 951/2019 to withdraw CIRP under Section 12A, based on an OTS offer from Sterling Biotech's promoters. The initial CoC vote for withdrawal failed to reach the 90% threshold. Andhra Bank submitted a fresh Form FA for withdrawal. The RP requested details of the OTS offer, but Andhra Bank stated they would address the Tribunal directly. The CoC received a revised OTS offer from the Corporate Debtor's promoter on 2018-08-08. The CoC accepted the withdrawal of CIRP with 90.32% vote in the 14th meeting. The Resolution Professional put a fresh resolution for withdrawal of CIRP under section 12A to vote on 2019-03-05, which received
…Corporate Insolvency Resolution Process…
The CoC received a revised offer from the…