L&T Finance Limited Vs Sterling Healthcare Limited (NCLT Mumbai)
The application was filed on 1 February 2025 by the Resolution Professional (RP), seeking approval of the Resolution Plan dated 24 January 2025 for Sterling Healthcare Limited under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) and Regulation 39(4) of the CIRP Regulations. The plan, submitted by Mrs. Kanak S. Kewalramani, was approved unanimously with 100% voting share at the Committee of Creditors’ (CoC) 14th meeting on 25 January 2025. The Corporate Debtor, incorporated in 2007 and engaged in manufacturing and exporting pharmaceutical drugs, underwent CIRP following an order of 7 December 2023.
A public announcement for claims was issued on 10 December 2023, and the CoC was constituted thereafter. The RP was approved in the first CoC meeting. Registered valuers were appointed for valuation, determining the fair value at Rs. 15.96 crore and liquidation value at Rs. 9.85 crore. Form G was published, EOIs were received, and eligible applicants were shortlisted. Several extensions were granted to accommodate resolution plan submissions and ongoing discussions, with CIRP extensions approved through multiple NCLT orders.
Two plans were eventually received—from Aryan Food Ingredients Limited and Mrs. Kanak S. Kewalramani. A Swiss Challenge was conducted, during which the challenger bidder improved its offer. After comparison of NPVs and exercise of the Anchor Bidder’s right of first refusal, the Anchor Bidder (SRA) submitted a higher-value proposal and was declared successful. The CoC approved the plan on 25 January 2025 and a Letter of Intent was issued.
