Insolvency case against Sterling Biotech to recover ₹5,400cr

State-owned lender Andhra Bank has filed an insolvency petition against pharmaceutical firm Sterling Biotech to recover about ₹5,400 crore. The Gujarat-based firm took loans of over ₹5,000 crore from an Andhra Bank-led consortium, which turned into bad loans. The bank argued that investigative agencies are already probing the case, while promoters of the company have fled the country.