The case involves three writ petitions (W.P.(C) Nos. 1497, 2304, and 2307 of 2024) filed by Orissa Manganese & Minerals Limited (OMML), challenging demands raised by the State of Odisha related to mining operations. These demands include compensation, stamp duty, registration fees, dead rent, surface rent, and royalty. The core issue revolves around whether these demands, particularly those pertaining to the period prior to the approval of a Resolution Plan under the Insolvency and Bankruptcy Code (IBC), are valid and enforceable. The National Company Law Tribunal (NCLT) approved a resolution plan for OMML, which was later confirmed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. The State of Odisha argues that the demands are based on
…The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Orissa Manganese and Minerals Limited (OMML) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application on 03.08.2017, initiating CIRP. Mr. Sumit Binani was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). The Committee of Creditors (CoC) was formed. Three Resolution Plans were received, including one from Edelweiss Asset Reconstruction Company Limited (EARC) and another from Ghanshyam Mishra and Sons Private Ltd (GMSPL). GMSPL's plan was ultimately approved by the CoC with over 89.23% voting share. EARC filed applications challenging the
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NCLT admits application under Section 7 of…
NCLT approves the Resolution Plan submitted…
The case involves three writ petitions (W.P.(C) Nos. 1497, 2304, and 2307 of 2024) filed by Orissa Manganese & Minerals Limited (OMML), challenging demands raised by the State of Odisha related to mining operations. These demands include compensation, stamp duty, registration fees, dead rent, surface rent, and royalty. The core issue revolves around whether these demands, particularly those pertaining to the period prior to the approval of a Resolution Plan under the Insolvency and Bankruptcy Code (IBC), are valid and enforceable. The National Company Law Tribunal (NCLT) approved a resolution plan for OMML, which was later confirmed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. The State of Odisha argues that the demands are based on
…The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Orissa Manganese and Minerals Limited (OMML) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application on 03.08.2017, initiating CIRP. Mr. Sumit Binani was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). The Committee of Creditors (CoC) was formed. Three Resolution Plans were received, including one from Edelweiss Asset Reconstruction Company Limited (EARC) and another from Ghanshyam Mishra and Sons Private Ltd (GMSPL). GMSPL's plan was ultimately approved by the CoC with over 89.23% voting share. EARC filed applications challenging the
…NCLT admits application under Section 7 of…
NCLT approves the Resolution Plan submitted…