The case involves Su-Kam Power System Ltd. & Another (petitioners) versus State of Himachal Pradesh & Others (respondents). The 1st petitioner is a company incorporated in 1998. The 2nd petitioner is a resident of Haryana and a citizen of India. The issue is regarding 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 petition was admitted on 05.04.2018, and a Resolution Professional was appointed. The Committee of Creditors resolved to initiate liquidation proceedings, and the NCLT ordered the liquidation of the
…Su-Kam Power System Ltd. (petitioner) underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India due to financial defaults. A moratorium was imposed on 05.04.2018. Later, liquidation was ordered on 03.04.2019. During the moratorium, the Department of State Taxes & Excise, Himachal Pradesh (respondent), created a 'red entry' charge on the petitioner's properties for outstanding dues on 07.01.2020. The Liquidator treated the department's claim as an 'Operational Creditor' claim. An e-auction was conducted, and the current management acquired the company as a going concern, with the acquisition plan approved by NCLT on 11.05.2022. An ex-promoter's challenge to the NCLT order was dismissed by NCLAT and the Supreme Court. Despite the
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The 1st petitioner,…
Corporate Insolvency Resolution Process…
The case involves Su-Kam Power System Ltd. & Another (petitioners) versus State of Himachal Pradesh & Others (respondents). The 1st petitioner is a company incorporated in 1998. The 2nd petitioner is a resident of Haryana and a citizen of India. The issue is regarding 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 petition was admitted on 05.04.2018, and a Resolution Professional was appointed. The Committee of Creditors resolved to initiate liquidation proceedings, and the NCLT ordered the liquidation of the
…Su-Kam Power System Ltd. (petitioner) underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India due to financial defaults. A moratorium was imposed on 05.04.2018. Later, liquidation was ordered on 03.04.2019. During the moratorium, the Department of State Taxes & Excise, Himachal Pradesh (respondent), created a 'red entry' charge on the petitioner's properties for outstanding dues on 07.01.2020. The Liquidator treated the department's claim as an 'Operational Creditor' claim. An e-auction was conducted, and the current management acquired the company as a going concern, with the acquisition plan approved by NCLT on 11.05.2022. An ex-promoter's challenge to the NCLT order was dismissed by NCLAT and the Supreme Court. Despite the
…The 1st petitioner,…
Corporate Insolvency Resolution Process…