The present appeal was filed by The Cosmos Co-operative Bank Ltd., the sole Financial Creditor and member of the Committee of Creditors (CoC) of Sterling Lam Limited (the Corporate Debtor), under Section 61 of the Insolvency and Bankruptcy Code, 2016. The appeal challenges an order dated February 22, 2024, passed by the National Company Law Tribunal, Ahmedabad Bench (Adjudicating Authority) in IA No. 195(AHC)/2024 in CP (IB) No. 72 of 2018. The Adjudicating Authority directed the Resolution Professional, Shri Kailash T. Shah, to release an amount of Rs. 1,31,19,769.08 in favor of the Gujarat State Tax Department, treating it as a secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003. This direction was issued while deciding I.A. No. 522 of 2021, an
…CP (IB) 72/2018 was initiated by Ramniklal S. Gosalia & Co. under Section 9 of the IBC before the Adjudicating Authority for the Corporate Insolvency Resolution Process (CIRP) of Sterling Lam Limited. The Adjudicating Authority admitted the application on November 10, 2020, and appointed Mr. Rajendra Jain as the Interim Resolution Professional (IRP).
On November 20, 2020, the IRP issued a public announcement inviting claims from the creditors of Sterling Lam Limited. Respondent No. 3, the Gujarat State Tax Department, submitted a claim of Rs. 38,58,19,833/- on December 1, 2020. This claim was verified and admitted only to the extent of Rs. 3,37,65,975/- on December 17, 2020.
…Adjudicating Authority…
Gujarat State Tax…
The present appeal was filed by The Cosmos Co-operative Bank Ltd., the sole Financial Creditor and member of the Committee of Creditors (CoC) of Sterling Lam Limited (the Corporate Debtor), under Section 61 of the Insolvency and Bankruptcy Code, 2016. The appeal challenges an order dated February 22, 2024, passed by the National Company Law Tribunal, Ahmedabad Bench (Adjudicating Authority) in IA No. 195(AHC)/2024 in CP (IB) No. 72 of 2018. The Adjudicating Authority directed the Resolution Professional, Shri Kailash T. Shah, to release an amount of Rs. 1,31,19,769.08 in favor of the Gujarat State Tax Department, treating it as a secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003. This direction was issued while deciding I.A. No. 522 of 2021, an
…CP (IB) 72/2018 was initiated by Ramniklal S. Gosalia & Co. under Section 9 of the IBC before the Adjudicating Authority for the Corporate Insolvency Resolution Process (CIRP) of Sterling Lam Limited. The Adjudicating Authority admitted the application on November 10, 2020, and appointed Mr. Rajendra Jain as the Interim Resolution Professional (IRP).
On November 20, 2020, the IRP issued a public announcement inviting claims from the creditors of Sterling Lam Limited. Respondent No. 3, the Gujarat State Tax Department, submitted a claim of Rs. 38,58,19,833/- on December 1, 2020. This claim was verified and admitted only to the extent of Rs. 3,37,65,975/- on December 17, 2020.
…Adjudicating Authority…
Gujarat State Tax…