NCLT stays auction of Sterling Biotech

The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the liquidator of Sterling Biotech to stay the auctioning process of the company until further orders. The NCLT was hearing a petition filed by one of Sterling Biotech's successful qualified bidders, India Gelatine and Chemicals Ltd. In view of the fact that the assets of the corporate debtor (Sterling Biotech) are not perishable, no harm or prejudice will be caused to the respondent (liquidator) as far as the auction is concerned even if the same is postponed for a short time, said the NCLT.