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ā¢ The National Company Law Appellate Tribunal has dismissed a plea from a UK-based subsidiary of Punjab National Bank against the approval of the sale of Sterling Biotech to US-based food technology startup Perfect Day.
ā¢ The Mumbai bench of the NCLT approved a Rs 638 crore bid of Perfect Day in an auction conducted by the liquidator of Sterling Biotech under the Insolvency & Bankruptcy Code.
ā¢ The NCLAT rejected the plea, stating that the appellant had participated in the liquidation process and received their entitled proceeds without raising any objections.