The National Company Law Tribunal (NCLT) on Friday stayed a plea to withdraw the bankruptcy proceedings on Sterling SEZ & Infrastructure filed by Srei Infrastructure Finance, till April 25.
At the last hearing on March 26, the tribunal had sought replies from all stakeholders, including the corporate affairs ministry, and Friday’s stay order is based on a plea by the ministry as the promoters are absconding.
Corporate affairs ministry’s senior counsel Sanjay Shorey said, “we got stay over withdrawal of IBC proceedings on Sterling SEZ”.
He said, they sought a stay as another bench of the tribunal is hearing a similar settlement plea regarding Sterling Biotech, which is the flagship company of the Sandesara family’s Sterling Group.
The plea will be heard on April 25, the tribunal said.
On Wednesday, the tribunal had allowed the withdrawal of the insolvency plea filed by Srei Infrastructure Finance against Sterling SEZ, which is owned by Nitin and Chetan Sandesara, who are absconding and are believed to be abroad.
The Gujarat-based Sterling SEZ is a subsidiary of the Sterling group and owes over Rs 8,100 crore to its financial and operational creditors.
Promoters are absconding and a case is pending in a Delhi court to declare them fugitive economic offenders.
