The Cosmos Co-operative Bank Ltd., the sole Financial Creditor and member of the Committee of Creditors of Sterling Lam Limited, filed an appeal against the impugned order dated 22.02.2024 passed by the National Company Law Tribunal, Ahmedabad Bench. The Adjudicating Authority directed Shri Kailash T. Shah, Resolution Professional/ Respondent No. 1, to release an amount of Rs. 1,31,19,769.08 in favour of the Gujarat State Tax Department/ Respondent No.3 treating it as a secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003.
CP (IB) 72/2018 was filed by Ramniklal S. Gosalia & Co. under Section 9 of the Code before the Adjudicating Authority seeking initiation of Corporate Insolvency Resolution Process.
The Adjudicating Authority, vide its order dated 10.11.2020, admitted an application and appointed Mr. Rajendra Jain as Interim Resolution Professional (IRP).
On 20.11.2020, the IRP issued a public announcement inviting claims from the Creditors of the Corporate Debtor/Sterling Lam Limited.
Respondent No. 3/ Gujarat State Tax Department submitted its claim of Rs. 38,58,19,833/- on 01.12.2020, which was verified and admitted only to the extent of Rs. 3,37,65,975/- on 17.12.2020.
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CP (IB) 72/2018 was filed by Ramniklal S.…
The Adjudicating Authority admitted an…
The Cosmos Co-operative Bank Ltd., the sole Financial Creditor and member of the Committee of Creditors of Sterling Lam Limited, filed an appeal against the impugned order dated 22.02.2024 passed by the National Company Law Tribunal, Ahmedabad Bench. The Adjudicating Authority directed Shri Kailash T. Shah, Resolution Professional/ Respondent No. 1, to release an amount of Rs. 1,31,19,769.08 in favour of the Gujarat State Tax Department/ Respondent No.3 treating it as a secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003.
CP (IB) 72/2018 was filed by Ramniklal S. Gosalia & Co. under Section 9 of the Code before the Adjudicating Authority seeking initiation of Corporate Insolvency Resolution Process.
The Adjudicating Authority, vide its order dated 10.11.2020, admitted an application and appointed Mr. Rajendra Jain as Interim Resolution Professional (IRP).
On 20.11.2020, the IRP issued a public announcement inviting claims from the Creditors of the Corporate Debtor/Sterling Lam Limited.
Respondent No. 3/ Gujarat State Tax Department submitted its claim of Rs. 38,58,19,833/- on 01.12.2020, which was verified and admitted only to the extent of Rs. 3,37,65,975/- on 17.12.2020.
…CP (IB) 72/2018 was filed by Ramniklal S.…
The Adjudicating Authority admitted an…