M/s Sical Iron Ore Terminal (Mangalore) Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against itself. The application was based on its inability to discharge a statutory GST demand of Rs. 7,11,19,324/- for the financial year 2018-19, raised by the Assistant Commissioner (State Tax), which had attained finality. The Corporate Debtor claimed its business could not commence due to a ban on iron ore export, leading to no business activity and significant losses, rendering it unable to meet its financial obligations.
M/s Sical Iron Ore Terminal (Mangalore) Limited (Corporate Debtor) filed an application under Section 10 of IBC, 2016, for Corporate Insolvency Resolution Process (CIRP) against itself.
The Corporate Debtor was incorporated on 09.10.2009 under the provisions of the Companies Act, 1956.
Smt. Rongali Sridevi was proposed as the Interim Resolution Professional (IRP).
The sole Operational Creditor is the Assistant Commissioner (State Tax) (GST).
A statutory demand of Rs. 7,11,19,324/- (including tax, interest, and penalty) for GST liability for FY 2018-19 was raised by the Assistant Commissioner (State Tax) via an assessment order dated 26.04.2024.
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M/s Sical Iron Ore Terminal (Mangalore) Limited…
Period for which GST…
M/s Sical Iron Ore Terminal (Mangalore) Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against itself. The application was based on its inability to discharge a statutory GST demand of Rs. 7,11,19,324/- for the financial year 2018-19, raised by the Assistant Commissioner (State Tax), which had attained finality. The Corporate Debtor claimed its business could not commence due to a ban on iron ore export, leading to no business activity and significant losses, rendering it unable to meet its financial obligations.
M/s Sical Iron Ore Terminal (Mangalore) Limited (Corporate Debtor) filed an application under Section 10 of IBC, 2016, for Corporate Insolvency Resolution Process (CIRP) against itself.
The Corporate Debtor was incorporated on 09.10.2009 under the provisions of the Companies Act, 1956.
Smt. Rongali Sridevi was proposed as the Interim Resolution Professional (IRP).
The sole Operational Creditor is the Assistant Commissioner (State Tax) (GST).
A statutory demand of Rs. 7,11,19,324/- (including tax, interest, and penalty) for GST liability for FY 2018-19 was raised by the Assistant Commissioner (State Tax) via an assessment order dated 26.04.2024.
…M/s Sical Iron Ore Terminal (Mangalore) Limited…
Period for which GST…