The National Company Law Tribunal (NCLT), Mumbai Bench, has approved a resolution plan for Sterling Healthcare Limited, sanctioning a total payout of over Rs. 12.80 crore to its creditors. The plan, submitted by Mrs. Kanak S. Kewalramani, was approved by 100% of the voting share of the Committeeof Creditors (CoC) following a competitive Swiss Challenge process.
The Corporate Insolvency Resolution Process (CIRP) against the pharmaceutical company, Sterling Healthcare Limited, was initiated in December 2023, with Mr. Dhiren Shah appointed as the Resolution Professional. After receiving two resolution plans, the CoC opted for a Swiss Challenge. Ultimately, the plan submitted by Mrs. Kanak S. Kewalramani, a qualified Company…