The case involves an application (MA 1259/2019) filed by the Resolution Professional (RP) seeking directions to continue as RP for the Corporate Debtor, Sterling Biotech Limited, until the final disposal of CP(IB)490/2018. The RP also requested permission to convene meetings of the Committee of Creditors (CoC) to discuss matters concerning the Corporate Debtor and seek necessary approvals. An earlier application (MA 951/2019) was filed by Andhra Bank, a financial creditor, for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The CoC had resolved to withdraw the CIRP with a 90.32% affirmative vote, based on a one-time settlement offer from the promoters of the Corporate Debtor. The RP was initially appointed as the Interim Resolution Professional (IRP)
…Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional (IRP) on 2018-06-11 and later confirmed as the Resolution Professional (RP). The CIRP period was extended, with the final completion date being 2019-03-08. Promoters of Sterling Biotech Limited offered a one-time settlement (OTS). The Committee of Creditors (CoC) voted with 90.32% in favor of withdrawing the CIRP under Section 12A of the IBC. Andhra Bank, the original petitioner, filed MA 951/2019 for withdrawal of the CIRP on 2019-03-08, the last day of the CIRP period. The RP filed MA 1010/2019 on 2019-03-12, also for withdrawal of the
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CoC in its first meeting confirmed the…
The case involves an application (MA 1259/2019) filed by the Resolution Professional (RP) seeking directions to continue as RP for the Corporate Debtor, Sterling Biotech Limited, until the final disposal of CP(IB)490/2018. The RP also requested permission to convene meetings of the Committee of Creditors (CoC) to discuss matters concerning the Corporate Debtor and seek necessary approvals. An earlier application (MA 951/2019) was filed by Andhra Bank, a financial creditor, for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The CoC had resolved to withdraw the CIRP with a 90.32% affirmative vote, based on a one-time settlement offer from the promoters of the Corporate Debtor. The RP was initially appointed as the Interim Resolution Professional (IRP)
…Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional (IRP) on 2018-06-11 and later confirmed as the Resolution Professional (RP). The CIRP period was extended, with the final completion date being 2019-03-08. Promoters of Sterling Biotech Limited offered a one-time settlement (OTS). The Committee of Creditors (CoC) voted with 90.32% in favor of withdrawing the CIRP under Section 12A of the IBC. Andhra Bank, the original petitioner, filed MA 951/2019 for withdrawal of the CIRP on 2019-03-08, the last day of the CIRP period. The RP filed MA 1010/2019 on 2019-03-12, also for withdrawal of the
…Applicant appointed as…
CoC in its first meeting confirmed the…