The dedicated bankruptcy court has stayed its earlier order to allow the withdrawal of corporate insolvency process of Sterling SEZ & Infrastructure, a firm owned by brothers Nitin and Chetan Sandesara, believed to be abroad and running away from Indian law.
The Mumbai-bench of the National Company Law Tribunal (NCLT) on Friday stayed its earlier order after the Ministry of Corporate Affairs (MCA) informed the tribunal that a similar withdrawal is pending in another bench from the same promoters and the government is keen to intervene in the matter.
The government representative has informed the members in chamber after which the bench had decided to stay the earlier withdrawal, said a senior government official privy to the development….
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