This case involves an appeal against an order dated 25th October, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in CA (IB) No. 713/KB/2018 and CP (IB) No. 446/KB/2017. The appellant, Concast Steel and Power Limited (Corporate Debtor), filed the appeal through its liquidator against the impugned order. The respondent, MSTC Limited, had supplied goods to the Corporate Debtor and made a claim of Rs. 300.17 Crores, which was accepted during the Corporate Insolvency Resolution Process (CIRP). MSTC was not treated as a secured creditor despite a pledge agreement, leading MSTC to file an application to the Adjudicating Authority. The Adjudicating Authority treated MSTC as an Operational Creditor who was a secured creditor,
…Concast Steel and Power Limited (CSPL) faced Corporate Insolvency Resolution Process (CIRP). MSTC Limited, a supplier to CSPL, claimed Rs. 300.17 Crores. MSTC and CSPL had agreements where MSTC would procure goods, and CSPL would pledge them to MSTC, paying on a cash and carry basis. A tripartite agreement involved Ferro Scrape Nigam Limited (FSNL) as custodian of the pledged goods. The High Court of Calcutta had approved the merger of Concast Bengal Industries Limited (CBIL) with CSPL. CIRP commenced on 07th November, 2017. The Interim Resolution Professional (IRP) was appointed on 22nd December, 2017. Stock assessments revealed discrepancies, with MSTC claiming larger quantities than the IRP's records. MSTC alleged unauthorized consumption of stock. The Resolution
…Sign in to view the parties.
Concast Bengal Industries Limited (CBIL)…
A tripartite agreement was entered into between…
This case involves an appeal against an order dated 25th October, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in CA (IB) No. 713/KB/2018 and CP (IB) No. 446/KB/2017. The appellant, Concast Steel and Power Limited (Corporate Debtor), filed the appeal through its liquidator against the impugned order. The respondent, MSTC Limited, had supplied goods to the Corporate Debtor and made a claim of Rs. 300.17 Crores, which was accepted during the Corporate Insolvency Resolution Process (CIRP). MSTC was not treated as a secured creditor despite a pledge agreement, leading MSTC to file an application to the Adjudicating Authority. The Adjudicating Authority treated MSTC as an Operational Creditor who was a secured creditor,
…Concast Steel and Power Limited (CSPL) faced Corporate Insolvency Resolution Process (CIRP). MSTC Limited, a supplier to CSPL, claimed Rs. 300.17 Crores. MSTC and CSPL had agreements where MSTC would procure goods, and CSPL would pledge them to MSTC, paying on a cash and carry basis. A tripartite agreement involved Ferro Scrape Nigam Limited (FSNL) as custodian of the pledged goods. The High Court of Calcutta had approved the merger of Concast Bengal Industries Limited (CBIL) with CSPL. CIRP commenced on 07th November, 2017. The Interim Resolution Professional (IRP) was appointed on 22nd December, 2017. Stock assessments revealed discrepancies, with MSTC claiming larger quantities than the IRP's records. MSTC alleged unauthorized consumption of stock. The Resolution
…Concast Bengal Industries Limited (CBIL)…
A tripartite agreement was entered into between…