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GAIL India moves NCLT to recover Rs 9,942 crore Uttam Galva dues

Dispute arises as resolution professional accepted only Rs 167 crore of claims

GAIL
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Among the secured lenders, the resolution professional accepted the entire Rs 6,476 crore claim made by ArcelorMittal India

Dev ChatterjeeShine Jacob Mumbai/Chennai
A legal battle is brewing between Uttam Galva, the bankrupt steel firm, and GAIL India (GAIL), with the gas distribution company moving the National Company Law Tribunal for rejection of its dues worth Rs 9,942 crore by the company’s debt resolution professional.

GAIL moved the NCLT Mumbai Bench after the resolution professional accepted claims of only Rs 167 crore of its entire dues. According to court filings, GAIL submitted a claim as an operational creditor for Rs 9,942 crore under various gas sale agreements for Uttam Galva’s plants located in Raigad, Maharashtra.

Of this, an amount of Rs 167 crore

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First Published: May 24 2022 | 6:10 AM IST

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