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NCLT gives nod for liquidating Sterling International Enterprise

Business Line  

The National Company Law Tribunal (NCLT) has given its go-ahead to liquidate Mumbai-based Sterling International Enterprises Ltd. This comes after the committee of creditors recently passed a resolution for liquidating the company. Sterling International is part of the Sandesaras group whose promoters have been on the run since 2017, when the Enforcement Directorate accused them of defrauding local banks out of loans worth over USD 700 million. In 2018, Srei Infrastructure Finance Ltd had filed an insolvency petition against Sterling SEZ & Infrastructure and Sterling International Enterprises before the Mumbai bench of the NCLT. The Committee of Creditor (CoC) in a meeting held in April this year agreed that there was no chance of revival of the corporate debtor company.