The case involves two Interlocutory Applications (IAs), 598/2021 and 599/2021, filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against SEL Manufacturing Company Limited. IA 598/2021 concerns a demand notice issued by Punjab Small Industries & Export Corporation Limited (PSIEC) for enhanced land compensation related to a plot allotted to SEL Manufacturing. PSIEC claimed that the enhanced compensation was not paid and that the ownership of the plot remained with them. SEL Manufacturing argued that the demand was unsustainable after the approval of the resolution plan. IA 599/2021 concerns attachment and detention orders issued by the Commissionerate of Central Excise against SEL Manufacturing for unpaid interest on input credit
…1. State Bank of India initiated CIRP against SEL Manufacturing Company Limited.
2. PSIEC issued a demand notice to SEL Manufacturing for enhanced land compensation related to a plot allotted to them.
3. SEL Manufacturing argued that the demand was unsustainable after the approval of the resolution plan under Sections 30 and 31 of the IBC.
4. PSIEC claimed that the enhanced compensation was not paid and that the ownership of the plot remained with them, citing clauses in the allotment letter and lease deed.
5. SEL Manufacturing had filed a civil suit challenging the demand for enhanced land compensation, which was pending adjudication.
6. The Commissionerate of Central Excise issued attachment and detention orders against SEL Manufacturing for unpaid interest on input
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Date of the allotment…
Enhanced amount of compensation was challenged…
The case involves two Interlocutory Applications (IAs), 598/2021 and 599/2021, filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against SEL Manufacturing Company Limited. IA 598/2021 concerns a demand notice issued by Punjab Small Industries & Export Corporation Limited (PSIEC) for enhanced land compensation related to a plot allotted to SEL Manufacturing. PSIEC claimed that the enhanced compensation was not paid and that the ownership of the plot remained with them. SEL Manufacturing argued that the demand was unsustainable after the approval of the resolution plan. IA 599/2021 concerns attachment and detention orders issued by the Commissionerate of Central Excise against SEL Manufacturing for unpaid interest on input credit
…1. State Bank of India initiated CIRP against SEL Manufacturing Company Limited.
2. PSIEC issued a demand notice to SEL Manufacturing for enhanced land compensation related to a plot allotted to them.
3. SEL Manufacturing argued that the demand was unsustainable after the approval of the resolution plan under Sections 30 and 31 of the IBC.
4. PSIEC claimed that the enhanced compensation was not paid and that the ownership of the plot remained with them, citing clauses in the allotment letter and lease deed.
5. SEL Manufacturing had filed a civil suit challenging the demand for enhanced land compensation, which was pending adjudication.
6. The Commissionerate of Central Excise issued attachment and detention orders against SEL Manufacturing for unpaid interest on input
Date of the allotment…
Enhanced amount of compensation was challenged…