NCLT APPROVES STERLING BIOTECH’S ACQUISITION BY US-BASED PERFECT DAY
India’s bankruptcy court has approved US-based food technology startup Perfect Day’s acquisition of Sterling Biotech under the Insolvency & Bankruptcy Code (IBC). In April 2022, the California-based company emerged successful with a bid of Rs 638 crore against the reserve price of Rs 548.46 crore for the debt-ridden company, which owes over Rs 8,100 crore to lenders.
AZB & Partners advised Perfect Day Inc. in the aqcquisition. The AZB & Partners team comprised of Partners Hardeep Sachdeva, Ravi Bhasin, Kamal Shankar and Parag Maini, and Senior Associates Gursimran Kohli, Kanika Singhal and Raghav Chadha.
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