NCLT directs power distribution firm not to take any coercive action against Sterling Biotech
The dedicated bankruptcy court on Thursday directed a power distribution company in Gujarat, not to take any coercive action against Sterling Biotech Ltd until further order. The company promoted by Chetan and Nitin Sandesara is under liquidation and owes over Rs 8,100 crore to its lenders.
Sterling Biotech’s liquidator had approached the Mumbai bench of the National Company Law Tribunal (NCLT), with a plea to restrain Madhya Gujarat Vij Company Ltd (MGVCL) from cutting its connections since they are trying to sell the company as a going concerned.
