Sterling Biotech Lenders Seek ₹5,100 Cr Disbursal in SC
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A consortium of secured lenders led by State Bank of India has moved the Supreme Court for the disbursal of their claim amounts from ₹5,100 crore deposited in the apex court registry. The lenders claim a total outstanding of ₹19,283.77 crore against the Group companies.
The banks have placed on record a consolidated computation of claims across multiple Group entities and the methodology adopted for the distribution of the amount. They have sought the court's approval to disburse the ₹5,100 crore in accordance with the agreed formula.
The application includes a detailed chart of individual bank exposures and their corresponding share in the distribution pool. The SBI has claimed ₹2,664.72 crore and is set to receive ₹695.03 crore, while UCO Bank has claimed ₹2,980.10 crore and is to receive ₹777.28 crore.
