The Corporate Debtor, Sterling Biotech Limited, a listed company, was admitted to Corporate Insolvency Resolution Process (CIRP) by an order of the Tribunal on June 11, 2018. Subsequently, liquidation proceedings were initiated against the Corporate Debtor by an order dated May 8, 2019. Perfect Inc. submitted an acquisition plan to acquire the Corporate Debtor on a going concern basis. This plan included the de-listing of equity shares from stock exchanges, conversion of the Corporate Debtor from a public to a private company, and extinguishment of existing share capital held by the public.

The Corporate Debtor, Sterling Biotech Limited, a listed company, was admitted to Corporate Insolvency Resolution Process (CIRP) by an order of the Tribunal on June 11, 2018. Subsequently, liquidation proceedings were initiated against the Corporate Debtor by an order dated May 8, 2019. Perfect Inc. submitted an acquisition plan to acquire the Corporate Debtor on a going concern basis. This plan included the de-listing of equity shares from stock exchanges, conversion of the Corporate Debtor from a public to a private company, and extinguishment of existing share capital held by the public.