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 an application seeking directions to the Resolution Professional (RP) to admit their claim as an Operational Creditor in the CIRP of Uttam Galva Steels Limited. The applicant's claim amounted to Rs.974,33,92,360/- for the assessment years 2009-10 to 2016-17. The RP rejected a claim amounting to Rs.943 Crore. The RP admitted a part of the claim amounting to Rs.31 Crore at full value, as it was crystallized and reflected in the Corporate Debtor's records as of the Insolvency Commencement Date (01.10.2020). The balance claim amount of Rs.943 Crore was disputed as of the Insolvency Commencement Date and was admitted at a nominal value of Rs.1. The applicant issued three demand notices for dues aggregating to Rs.181,94,87,059/-. 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 an application seeking directions to the Resolution Professional (RP) to admit their claim as an Operational Creditor in the CIRP of Uttam Galva Steels Limited. The applicant's claim amounted to Rs.974,33,92,360/- for the assessment years 2009-10 to 2016-17. The RP rejected a claim amounting to Rs.943 Crore. The RP admitted a part of the claim amounting to Rs.31 Crore at full value, as it was crystallized and reflected in the Corporate Debtor's records as of the Insolvency Commencement Date (01.10.2020). The balance claim amount of Rs.943 Crore was disputed as of the Insolvency Commencement Date and was admitted at a nominal value of Rs.1. The applicant issued three demand notices for dues aggregating to Rs.181,94,87,059/-. The
…Resolution Prof…
Last date for receipt…