The case involves Su-Kam Power System Ltd. & Another (petitioners) versus State of Himachal Pradesh & Others (respondents). The 1st petitioner is a company incorporated under the Companies Act, 1956. The 2nd petitioner is a resident of Haryana. The issue pertains to certain red entries/charge over the properties of the 1st petitioner on account of dues recoverable from the erstwhile management. The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against the petitioner-company due to default in financial discipline. The CIRP was initiated by filing C.P. no.(IB)-540(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT) at New Delhi. The petition was admitted on
…Su-Kam Power System Ltd. (petitioner) faced financial difficulties, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) by State Bank of India. The NCLT admitted the petition on 05.04.2018, imposing a moratorium. Liquidation proceedings commenced after unsuccessful resolution attempts, with Raj Kumar Ralhan appointed as Liquidator. The Department of State Taxes & Excise, Himachal Pradesh (respondent), filed a claim of Rs.354,11,34,131/-. The respondent marked a charge/red entry on the petitioner's properties for arrears of VAT/CST/HPGST. The Liquidator treated the respondent's claim as an operational debt. An e-auction was conducted, and the current management became the highest bidder with Rs.49.95 crore. The NCLT approved the acquisition
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The 1st petitioner, Su-Kam Power System Ltd.,…
State Bank of India initiated Corporate…
The case involves Su-Kam Power System Ltd. & Another (petitioners) versus State of Himachal Pradesh & Others (respondents). The 1st petitioner is a company incorporated under the Companies Act, 1956. The 2nd petitioner is a resident of Haryana. The issue pertains to certain red entries/charge over the properties of the 1st petitioner on account of dues recoverable from the erstwhile management. The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against the petitioner-company due to default in financial discipline. The CIRP was initiated by filing C.P. no.(IB)-540(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT) at New Delhi. The petition was admitted on
…Su-Kam Power System Ltd. (petitioner) faced financial difficulties, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) by State Bank of India. The NCLT admitted the petition on 05.04.2018, imposing a moratorium. Liquidation proceedings commenced after unsuccessful resolution attempts, with Raj Kumar Ralhan appointed as Liquidator. The Department of State Taxes & Excise, Himachal Pradesh (respondent), filed a claim of Rs.354,11,34,131/-. The respondent marked a charge/red entry on the petitioner's properties for arrears of VAT/CST/HPGST. The Liquidator treated the respondent's claim as an operational debt. An e-auction was conducted, and the current management became the highest bidder with Rs.49.95 crore. The NCLT approved the acquisition
…The 1st petitioner, Su-Kam Power System Ltd.,…
State Bank of India initiated Corporate…