MUMBAI, INDIA / ACCESSWIRE / October 11, 2018 /The representatives of Sterling Biotech are progressing discussions with the Committee of Creditors (CoC) to settle outstanding loans. Beginning June 11, 2018, the company was admitted for insolvency proceedings within the Corporate Insolvency Resolution Process (CIRP).
The CoC'S legal representative states that funds have been deposited into an escrow account intended for settling dues following the CoC seeking to amicably resolve Sterling Biotech's outstanding dues. The settlement is to be completed outside the National Company Law Tribunal (NCLT).
Chicago-based Global top 10 finance and accounting practice Baker Tilly represents Sterling Biotech Limited. Through its financial advisors, the company has submitted a credible and compelling offer of a One Time Settlement (OTS) which 85% of the CoC presently accepts, leaving just 5% of the 90% mark required.
Sources close to Sterling Biotech's Directors, Chetan Sandesara and Nitin Sandesara, confirm that an escrow account has been established and funded with the intention of resolving the matter amicably.
Both the CoC and Sterling Biotech Limited appear confident in getting the beyond the 90 percent threshold required, considering that a number of the institutions involved are in advanced stages of receiving respective board and credit approvals.
From an Indian perspective, a final go-ahead for the out-of-court settlement by majority members will likely drive a positive trend in the insolvency proceedings for corporates.
As of this publication there have been no official comments from Sterling Biotech Limited, or representatives for Mr. Nitin Sandesara or Mr. Chetan Sandesara.
About Sterling Biotech Limited
At Sterling Biotech Ltd, the goal is to commercialize Active Pharmaceutical Ingredient and make it available at competitive prices to our global customers.Our capabilities include state of art research centre, advance pilot plant for scale up studies, modern facility of bioreactors and range of down streaming process equipments. All these are coupled with dedicated and qualified work force, well equipped quality control laboratory and quality assurance systems.
Name: Sterling Biotech
Organization: Sterling Biotech
Address: C - 25, Laxmi Towers, 'A' - 601, 6th Floor, Bandra Kurla Complex, Bandra (East), Mumbai - 400051
For more information, please visit http://www.sterlingbiotech.in
SOURCE: Sterling Biotech Limited
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