The National Company Law Tribunal (NCLT) has given its decision to liquidate Mumbai-based Sterling
International Enterprises Ltd. This comes after the committee of creditors had recently passed a
resolution for liquidating the company.
“The Reasons assigned in the petition with regards to taking the decision of liquidation of Corporate
Debtor by Committees of Creditors (CoC) appear 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.
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The Committees of Creditors (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
