Ultra Tech Nathdwara Cement Ltd. filed a writ petition against the Union of India and other respondents, challenging demands for Goods and Service Tax (GST) for the period before Ultra Tech took over Binani Cements Ltd. under the Insolvency and Bankruptcy Code (IBC) 2016. Binani Cement had suffered losses and was unable to pay debts to Bank of Baroda, leading to insolvency proceedings. The Committee of Creditors (COC) approved Ultra Tech's resolution plan, which was also affirmed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. Despite this, the respondents raised demands for GST, prompting Ultra Tech to file the writ petition seeking a restraint order.
Binani Cement suffered losses and was unable to pay debts to Bank of Baroda, leading to insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. The National Company Law Tribunal (NCLT), Kolkata Bench, initiated a Corporate Insolvency Resolution Process (CIRP). Vijay Kumar V. Iyer was appointed as the Insolvency Resolution Professional. The Committee of Creditors (COC) was constituted and approved Ultra Tech's resolution plan, which was also affirmed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. The resolution professional collated claims of all operational creditors, including the respondent Goods and Service Tax Department, to the extent of Rs.72.85 crores towards liabilities of excise duty and service
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Insolvency proceedings initiated against Binani…
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Ultra Tech Nathdwara Cement Ltd. filed a writ petition against the Union of India and other respondents, challenging demands for Goods and Service Tax (GST) for the period before Ultra Tech took over Binani Cements Ltd. under the Insolvency and Bankruptcy Code (IBC) 2016. Binani Cement had suffered losses and was unable to pay debts to Bank of Baroda, leading to insolvency proceedings. The Committee of Creditors (COC) approved Ultra Tech's resolution plan, which was also affirmed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. Despite this, the respondents raised demands for GST, prompting Ultra Tech to file the writ petition seeking a restraint order.
Binani Cement suffered losses and was unable to pay debts to Bank of Baroda, leading to insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. The National Company Law Tribunal (NCLT), Kolkata Bench, initiated a Corporate Insolvency Resolution Process (CIRP). Vijay Kumar V. Iyer was appointed as the Insolvency Resolution Professional. The Committee of Creditors (COC) was constituted and approved Ultra Tech's resolution plan, which was also affirmed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. The resolution professional collated claims of all operational creditors, including the respondent Goods and Service Tax Department, to the extent of Rs.72.85 crores towards liabilities of excise duty and service
…Insolvency proceedings initiated against Binani…
Meeting of the…