ACG Capsules seeks NCLT relook at Sterling Biotech bid

Mumbai: ACG Associated Capsules, whose bid was rejected by the lenders earlier, approached the NCLT for reconsidering its bid for Sterling Biotech. This comes amidst the lenders moving an application seeking to withdraw the bankruptcy plea on Sterling Biotech. The tribunal had fixed April 26 as the next date of hearing on the plea seeking to take the company out of the bankruptcy but has not fixed a date for hearing the plea to reconsider the ACG bid. It’s not known how much ACG has agreed to pay for the crippled company, while the absconding promoters have offered to pay Rs 3,100 cr to an Andhra Bank-led consortium by June 2019 sans interest and penalties on a debt of Rs 7,500 crore.