The proposal has cleared Sebi and stock exchanges and is before the NCLT, while Thomas Cook sees strong long-haul leisure demand and plans deeper tier-2, tier-3 expansion. Sterling Holiday Resorts Limited, a subsidiary of Thomas Cook (India) Limited (TCIL), is expected to complete its proposed demerger by July next year, with the transaction having already received clearances from the markets regulator and stock exchanges and now progressing through the National Company Law.