Vadodara: The National Company Law Tribunal (NCLT), Mumbai bench has given an order to commence corporate insolvency process against city-based Sterling Biotech Ltd (SBL) that had defaulted on loans taken from Andhra Bank. The order to commence insolvency was given on June 11 and made public on June 26.
The CBI had in October last year had booked SBL directors, Chetan Sandesara, Dipti Sandesara, Rajbhushan Sandesara, Nitin Sandesara, Vilas Joshi along with chartered accountant Hemant Hathi and Anup Garg, former director of Andhra Bank allegedly cheating public sector banks of Rs 5,383 crore. The CBI had alleged that SBL took loans from a consortium led by Andhra Bank which have turned into non-performing assets.
Andhra Bank that had…
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