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NCLAT sets aside Sterling Biotech liquidation, allows its promoters to take back control of the company

September 4, 2019[2019] 109 taxmann.com 30 (NCL-AT)
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IBC : Where Corporate Insolvency Resolution Process was initiated against corporate debtor-Sterling pursuant to an application under section 7 filed by appellant and application under section 12A filed by promoter was approved by Committee of Creditors more than 90 per cent of voting share, it was not open to Adjudicating Authority (NCLT) to reject same on ground that Promoter not eligible to file resolution plan under section 29A could not file application under section 12A and, therefore, Corporate Insolvency Resolution Process initiated against corporate debtor was set aside subject to payment of amount as payable by promoters/shareholders to all stakeholders/financial creditors and operational creditors in terms of section 12A as approved with 90 per cent voting share of Committee of Creditors

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