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The National Compay Law Tribunal (NCLT) has given its go-ahead to liquidate Mumbai-based Sterling International Enterprises Ltd. This comes after the committee of creditors had recently passed a resolution for liquidating the company.
Resolution Professional Vishal Ghisulal Jain, has agreed to act as liquidator.
" The reasons assigned in the petition with regards to taking the decision of liquidation of Corporate Debtor by COC appears to be convincing. On verification, we are of the considered view that this is a fit case to pass liquidation order under sub-section 1 of section 33 of the Code for liquidation in the absence of any resolution plan," the NCLT said in its order.
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 CoC in a meeting held in April this year agreed that there was no chance of revival of the corporate debtor company
The RP had appointed two registered valuers namely Adroit Technical Services Pvt Ltd. and Crest Capital Group Pvt Ltd for conducting the valuation of Plant Machinery, Land & Building and Securities and Financial Assets of the company
"All the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter ceased to exist. All these powers henceforth vest with the Liquidator," NCLT said in its order.
Sterling International Enterprises Ltd is part of the The Sandesaras group whose promoters had been on the run since 2017, when Enforcement Directorate accused them of defrauding local banks out of loans worth over $700 million
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