Case Law Details
State Bank of India Vs Uttam Galva Steels Limited (NCLT Mumbai)
NCLT Mumbai approved the resolution plan submitted by AM Mining India Pvt. Ltd. for Uttam Galva Steel Limited as the same is not contrary to provisions of section 29A of IBC Code and is in accordance with law
Facts- State Bank of India (Financial Creditor) had filed a petition u/s. 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Adjudicating Authority initiated CIRP and Mr. Milind Kasodekar (Applicant) was appointed as the Interim Resolution Professional and thereafter the Resolution Professional.
In response to the invitation for Expression of Interest (EoI), a total of 6 Prospective Resolution Applicants submitted their EoI.
The Resolution Plan submitted by AM Mining India Pvt. Ltd. (Successful Resolution Applicant) was approved by Committee of creditors with 100% voting share. Thereafter, the Resolution Professional filed an application under Section 30(6) of the IBC before the Adjudicating Authority for approval of the successful resolution plan. The Resolution Plan contemplates a total resolution amount of Rs. 4020 Crores.
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Author Bio
I need to take refundable deposit of 50k given for auction particiaption to Uttam Value. whom do i approach for refund ? i am Nagpur based.
Plz help.
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