This is an application (IA 461/NCLT/AHM/2022) filed by the Resolution Professional (RP) of GPT Steel Industries Limited under Section 14 read with Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the NCLT Rules, 2016, seeking to quash and set aside show cause notices/termination order dated 07.04.2022 issued by the Gujarat Industrial Development Corporation (GIDC). The GIDC had issued a letter in Form F on 30.07.2019 for an amount of Rs.3,96,92,490 due and payable. The RP partially paid the claim amounting to Rs.1,01,65,984. The GIDC clarified on 11.09.2019 that the company was liable to pay interest at 15% on power supply cost and demanded payment from 01.01.2005 till the resolution process is finalized, potentially claiming an additional
…The Resolution Professional (RP) of GPT Steel Industries Limited filed an application against Gujarat Industrial Development Corporation (GIDC) concerning a lease agreement. GIDC claimed outstanding dues, including interest, based on the lease deed executed on 06.10.2004. GIDC issued a letter in Form F on 30.07.2019 for an amount of Rs.3,96,92,490 due and payable. The RP made a partial payment of Rs.1,01,65,984. GIDC demanded interest at 15% on power supply costs from 01.01.2005 until the resolution process was finalized, potentially claiming an additional Rs.1,72,92,336. GIDC issued a show cause notice on 07.04.2022 under Sec 4(1) of the GPP Act for recovering Rs.69,82,644 and issued a termination of lease deed agreement to the Corporate Debtor. The RP argued that the
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This is an application (IA 461/NCLT/AHM/2022) filed by the Resolution Professional (RP) of GPT Steel Industries Limited under Section 14 read with Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the NCLT Rules, 2016, seeking to quash and set aside show cause notices/termination order dated 07.04.2022 issued by the Gujarat Industrial Development Corporation (GIDC). The GIDC had issued a letter in Form F on 30.07.2019 for an amount of Rs.3,96,92,490 due and payable. The RP partially paid the claim amounting to Rs.1,01,65,984. The GIDC clarified on 11.09.2019 that the company was liable to pay interest at 15% on power supply cost and demanded payment from 01.01.2005 till the resolution process is finalized, potentially claiming an additional
…The Resolution Professional (RP) of GPT Steel Industries Limited filed an application against Gujarat Industrial Development Corporation (GIDC) concerning a lease agreement. GIDC claimed outstanding dues, including interest, based on the lease deed executed on 06.10.2004. GIDC issued a letter in Form F on 30.07.2019 for an amount of Rs.3,96,92,490 due and payable. The RP made a partial payment of Rs.1,01,65,984. GIDC demanded interest at 15% on power supply costs from 01.01.2005 until the resolution process was finalized, potentially claiming an additional Rs.1,72,92,336. GIDC issued a show cause notice on 07.04.2022 under Sec 4(1) of the GPP Act for recovering Rs.69,82,644 and issued a termination of lease deed agreement to the Corporate Debtor. The RP argued that the
…GIDC issued a letter in…
The Resolution…