Face2News/New Delhi
The Supreme Court has approved the closure of criminal proceedings against the promoters of Sterling Biotech Limited in connection with bank loan defaults, subject to the condition that they deposit ₹5,100 crore as a full and final settlement with the lending banks and investigative agencies.
The order was passed by a bench of Justice J.K. Maheshwari and Justice Vijay Bishnoi on November 19 and uploaded recently. Amount to be Deposited by December 17
The Court directed that the amount be deposited in the Supreme Court registry on or before December 17, 2025. The petitioners may deposit the money in multiple installments. Upon receiving the funds, the registry will place the amount in a short-term fixed deposit with a nationalized bank until clearance.
Once the deposits are verified, the amount will be distributed among the respective lenders on a proportional basis according to their outstanding dues. The Registrar (Judicial–Administration) will verify all details and execute the distribution, with the option to seek assistance from accounts staff if needed.
Previous Deposits and IBC Recovery
The bench noted that: The promoters have already deposited ₹3,507.63 crore. Banks recovered ₹1,192 crore through Insolvency and Bankruptcy Code (IBC) proceedings.
Despite this, an outstanding amount of ₹2,061.37 crore remained. After consultations with lending banks, investigative agencies submitted a sealed-cover proposal through the Solicitor General demanding ₹5,100 crore to settle all remaining liabilities connected to the FIR and other criminal actions. The petitioners agreed to this amount.
All Cases under CBI, ED, SFIO to be Closed
Once the settlement amount is deposited, criminal cases and proceedings under multiple agencies and laws will be closed, including: CBI, Enforcement Directorate (including PMLA cases), SFIO Fugitive Economic Offenders Act. Black Money Act. Income Tax proceedings
