The case involves an application (M.A. 675/2019) filed by Sterling Biotech Limited's Resolution Professional under the Corporate Insolvency Resolution Process (CIRP). The application seeks a declaration that certain transactions undertaken by the erstwhile directors (Respondents 1 to 5) with related parties are preferential transactions under Section 43 of the Insolvency & Bankruptcy Code, 2016. Andhra Bank, a financial creditor, had initiated the CIRP against Sterling Biotech Limited. The applicant contends that the corporate debtor, under the management of the respondents, engaged in preferential transactions with related parties, specifically Sterling Oil Resources Limited and Sterling Port Limited.
Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on June 11, 2018. The applicant was appointed as the interim resolution professional and later as the resolution professional. The applicant identified Sterling Oil Resources Limited and Sterling Port Limited as related parties of the Corporate Debtor. The applicant alleged that the Corporate Debtor, under the management of the respondents, engaged in preferential transactions with these related parties. These transactions involved oil financing and port financing. The total amount involved in these transactions was INR 16.03 Crores. The applicant claimed that these transactions
…Sign in to view the parties.
Andhra Bank's application under Section 7 of…
The Applicant was…
The case involves an application (M.A. 675/2019) filed by Sterling Biotech Limited's Resolution Professional under the Corporate Insolvency Resolution Process (CIRP). The application seeks a declaration that certain transactions undertaken by the erstwhile directors (Respondents 1 to 5) with related parties are preferential transactions under Section 43 of the Insolvency & Bankruptcy Code, 2016. Andhra Bank, a financial creditor, had initiated the CIRP against Sterling Biotech Limited. The applicant contends that the corporate debtor, under the management of the respondents, engaged in preferential transactions with related parties, specifically Sterling Oil Resources Limited and Sterling Port Limited.
Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on June 11, 2018. The applicant was appointed as the interim resolution professional and later as the resolution professional. The applicant identified Sterling Oil Resources Limited and Sterling Port Limited as related parties of the Corporate Debtor. The applicant alleged that the Corporate Debtor, under the management of the respondents, engaged in preferential transactions with these related parties. These transactions involved oil financing and port financing. The total amount involved in these transactions was INR 16.03 Crores. The applicant claimed that these transactions
…Andhra Bank's application under Section 7 of…
The Applicant was…