# In the matter of Sterling Biotech Limited

> Read the full IBC case summary for In the matter of Sterling Biotech Limited. NCLT judgment dated 2025-07-29. Citation: TCN-2025-NCLT-01273.

- **Court:** NCLT
- **Order date:** 29 Jul 2025
- **Citation:** TCN-2025-NCLT-01273
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sterling-biotech-limited-f704f49a

## Summary

### Background

The Corporate Debtor, Sterling Biotech Limited, was undergoing liquidation proceedings. An acquisition plan was approved, which included the conversion of the company from public to private and a name change. The present application seeks to enforce these changes and address the non-compliance by various respondents.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the conversion of the Applicant company into a Private Limited Company should be allowed…

**Ratio:** An approved acquisition plan in liquidation, akin to a resolution plan, benefits from the…

**Reasoning:** The Tribunal noted that the acquisition plan, approved on November 11, 2022, had attained…

**Interpretation:** The Tribunal interpreted Section 32A of the IBC to mean that once a resolution…

**Application:** Given that the acquisition plan was approved and the new management was not…

## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Advocates:** Nausher…; Rishabh C…; +1 more

## Timeline

- **June 11, 2018 — CIRP Admi…**: The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP) by an…
- **May 8, 2019 — Liquidation Proceedings…**: Liquidation proceedings were initiated against the Corporate Debtor by an order of the…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sterling-biotech-limited-f704f49a