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How can absconding promoters make one-time-settlement offers, NCLT asks Sterling Biotech lenders

Updated : March 26, 2019 09:48 PM IST

The Mumbai NCLT bench comprising VP Singh and R Duraisamy for the second time questioned the motive of banks who have accepted an out-of-court settlement offered by promoters, the Nitin Jayantilal Sandesara and family, offering Rs 3,100 crore of repayments by June 2019.
At the March 11 hearing also, the tribunal had questioned the one-time settlement by absconding promoters, for a loan of Rs 7,500 crore excluding interest and penalties from a group of lenders led by Andhra Bank, while Sandesara group owes over Rs 15,000 crore to lenders.
How can absconding promoters make one-time-settlement offers, NCLT asks Sterling Biotech lenders

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