The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) of Sterling Lam Ltd. IA/522(AHM)2021 was filed by the Resolution Professional (RP) seeking directions regarding encumbrances on the corporate debtor's property and payment of claims. The Gujarat State Tax Department submitted a claim, part of which was accepted. The RP found encumbrances on the factory land and requested their removal. The matter was discussed in the Committee of Creditors (CoC) meeting. A resolution plan by Naresh Tradelink Private Limited was approved by the Tribunal. Int. Pet/2(AHM)2024 was filed by the Financial Creditor seeking to join as a party in IA 522/2021. IA/195(AHM)2024 was filed by the Financial Creditor
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Sterling Lam Ltd. CP(IB) 72 of 2018. Kailash T Shah was appointed as the Resolution Professional (RP). The Gujarat State Tax Department submitted a claim of Rs.38,58,19,833/-, which was accepted for Rs.3,37,65,975/-. The RP discovered encumbrances on the factory land of the corporate debtor for the years 2014-15, 2017-18, and 2018-19. The RP requested the removal of these encumbrances. Naresh Tradelink Private Limited's resolution plan was approved by the CoC and the Tribunal on 29.06.2022. The resolution plan included payments to financial creditors, operational creditors, and CIRP costs. The State Tax Department claimed to be a secured creditor based on outstanding tax dues and Section 48 of the
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CP(IB) 72 of 2018 was filed, initiating the…
CP(IB) 72 of 2018 came…
The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) of Sterling Lam Ltd. IA/522(AHM)2021 was filed by the Resolution Professional (RP) seeking directions regarding encumbrances on the corporate debtor's property and payment of claims. The Gujarat State Tax Department submitted a claim, part of which was accepted. The RP found encumbrances on the factory land and requested their removal. The matter was discussed in the Committee of Creditors (CoC) meeting. A resolution plan by Naresh Tradelink Private Limited was approved by the Tribunal. Int. Pet/2(AHM)2024 was filed by the Financial Creditor seeking to join as a party in IA 522/2021. IA/195(AHM)2024 was filed by the Financial Creditor
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Sterling Lam Ltd. CP(IB) 72 of 2018. Kailash T Shah was appointed as the Resolution Professional (RP). The Gujarat State Tax Department submitted a claim of Rs.38,58,19,833/-, which was accepted for Rs.3,37,65,975/-. The RP discovered encumbrances on the factory land of the corporate debtor for the years 2014-15, 2017-18, and 2018-19. The RP requested the removal of these encumbrances. Naresh Tradelink Private Limited's resolution plan was approved by the CoC and the Tribunal on 29.06.2022. The resolution plan included payments to financial creditors, operational creditors, and CIRP costs. The State Tax Department claimed to be a secured creditor based on outstanding tax dues and Section 48 of the
…CP(IB) 72 of 2018 was filed, initiating the…
CP(IB) 72 of 2018 came…