The case involves an application filed by the Department of Sales Tax seeking directions to the Resolution Professional (RP) to admit their claim as an Operational Creditor in the Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Steels Limited. The applicant also sought a stay on the implementation of the resolution plan. The RP had initially rejected a significant portion of the applicant's claim, leading to the application before the NCLT.
The Department of Sales Tax filed a claim as an operational creditor against Uttam Galva Steels Limited, which was undergoing CIRP. The RP made a public announcement on 2020-10-06, setting 2020-10-20 as the last date for claim submissions. The Department of Sales Tax lodged a claim on 2020-10-27 for Rs. 974,33,92,360 for the assessment years 2009-10 to 2016-17. The RP rejected a claim amounting to Rs. 943 Crore via email dated 2020-12-30. The Department of Sales Tax argued that it is responsible for collecting revenue and taxes under VAT & GST Act, and Uttam Galva Steels Limited, being the assessee, was liable to deposit tax. The RP admitted Rs. 31 Crore of the claim at full value, as it was crystallized and reflected in the corporate debtor's records as of the
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Resolution Prof…
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The case involves an application filed by the Department of Sales Tax seeking directions to the Resolution Professional (RP) to admit their claim as an Operational Creditor in the Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Steels Limited. The applicant also sought a stay on the implementation of the resolution plan. The RP had initially rejected a significant portion of the applicant's claim, leading to the application before the NCLT.
The Department of Sales Tax filed a claim as an operational creditor against Uttam Galva Steels Limited, which was undergoing CIRP. The RP made a public announcement on 2020-10-06, setting 2020-10-20 as the last date for claim submissions. The Department of Sales Tax lodged a claim on 2020-10-27 for Rs. 974,33,92,360 for the assessment years 2009-10 to 2016-17. The RP rejected a claim amounting to Rs. 943 Crore via email dated 2020-12-30. The Department of Sales Tax argued that it is responsible for collecting revenue and taxes under VAT & GST Act, and Uttam Galva Steels Limited, being the assessee, was liable to deposit tax. The RP admitted Rs. 31 Crore of the claim at full value, as it was crystallized and reflected in the corporate debtor's records as of the
…Resolution Prof…
Declared last…