Sree Metaliks Limited (SML) filed a writ petition challenging a show-cause notice issued by the Additional Director General (ADG), Directorate of Revenue Intelligence (DRI), Zonal Unit, Hyderabad, concerning non-fulfillment of export obligations under the Export Promotion Capital Goods (EPCG) Scheme. The show-cause notice was issued after the Resolution Plan for SML was approved by the National Company Law Tribunal (NCLT), Kolkata Bench, and the National Company Law Appellate Tribunal (NCLAT). SML argued that the DRI/DGFT failed to register their claims with the Resolution Professional (RP) despite a public announcement and specific e-mail regarding the Corporate Insolvency Resolution Process (CIRP). The DRI contended that SML had acknowledged the debt and sought
…Sree Metaliks Limited (SML) imported capital goods under the Export Promotion Capital Goods (EPCG) Scheme between October 2005 and November 2011, obliging them to fulfill export obligations. SML failed to meet these obligations and sought extensions of time. SML faced financial distress, leading to a reference registered under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) on 18.11.2014. SICA was later repealed with the enforcement of the Insolvency and Bankruptcy Code (IBC). A financial creditor, SREI Equipment Finance Limited, filed an application under Section 7 of the IBC, triggering the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) made a public announcement on 01.02.2017, inviting
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Sree Metaliks Limited (SML) filed a writ petition challenging a show-cause notice issued by the Additional Director General (ADG), Directorate of Revenue Intelligence (DRI), Zonal Unit, Hyderabad, concerning non-fulfillment of export obligations under the Export Promotion Capital Goods (EPCG) Scheme. The show-cause notice was issued after the Resolution Plan for SML was approved by the National Company Law Tribunal (NCLT), Kolkata Bench, and the National Company Law Appellate Tribunal (NCLAT). SML argued that the DRI/DGFT failed to register their claims with the Resolution Professional (RP) despite a public announcement and specific e-mail regarding the Corporate Insolvency Resolution Process (CIRP). The DRI contended that SML had acknowledged the debt and sought
…Sree Metaliks Limited (SML) imported capital goods under the Export Promotion Capital Goods (EPCG) Scheme between October 2005 and November 2011, obliging them to fulfill export obligations. SML failed to meet these obligations and sought extensions of time. SML faced financial distress, leading to a reference registered under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) on 18.11.2014. SICA was later repealed with the enforcement of the Insolvency and Bankruptcy Code (IBC). A financial creditor, SREI Equipment Finance Limited, filed an application under Section 7 of the IBC, triggering the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) made a public announcement on 01.02.2017, inviting
…The NCLT admitted…
The IRP made a Public…