NCLT Approves Rs 12.8 Crore Resolution Plan By Knowledge Marine Director For Sterling Healthcare

The National Company Law Tribunal at Mumbai has recently approved a resolution plan worth Rs 12.8 crore by a Mumbai individual for Sterling Healthcare Limited.

In an order delivered on November 13, 2025 by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved a resolution plan by the whole time director of Knowledge Marine & Engineering Works Limited in Mumbai.

The Corporate Insolvency Resolution Process was initiated by L&T Finance in December 2023 after Sterling Healthcare Limited defaulted on over Rs 19 crore in debt. Sterling Healthcare, incorporated in 2007, is a pharmaceutical company engaged in manufacturing and exporting drugs.

The total admitted debt of the company amounted to Rs 19.56 crore, including Rs 15.44 crore owed to secured financial creditors and 4.12 crore owed to operational creditors.

Dhiren Shah was appointed as the Interim Resolution Professional on December 7, 2023, and later confirmed as Resolution Professional by the Committee of Creditors on January 5, 2024.

Following this, the Committee appointed registered valuers who pegged the company's fair value at INR 15.96 crore and liquidation value at INR 9.85 crore.

Expressions of Interest were invited in February 2024, and after several extensions, the final resolution plans were submitted by Aryan Food Ingredients Limited and Kanak S Kewalramani. Through a Swiss Challenge process, Kewalramani's plan emerged as the highest bid. On January 25, 2025, the Committee of Creditors approved her plan with 100 percent voting share, and she submitted a performance bank guarantee on January 31, 2025.

The Resolution Professional confirmed that the plan complies with all IBC requirements. The plan provides 65.12 percent repayment of admitted claims to creditors, including 74.93 percent to secured financial creditors and 100 percent to workmen and employee creditors.

After reviewing the plan, the tribunal concluded that it meets the requirements of CIRP Regulations.

"In view of the discussions and the law thus settled, the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37,38, 38(1A) and 39(4) of the CIRP Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. The same needs to be approved. Hence, ordered.", it said. 

The plan is effective immediately, binding on all stakeholders, and ends the moratorium under Section 14 of the IBC. The Resolution Professional will supervise the plan's implementation. 

Case Title: L&T Finance Limited v Sterling Healthcare Limited

Case Number: CP(IB) No. 370 of 2023

For Resolution Professional: Advocate Karan Vir Khosla, Siddhesh Rajput, Rushab Chopra

For Intervenor: Advocate Kunal Kanungo, along with Advocate Atishay Jain

Click Here To Read/Download Order