Uttam Galva Steel has challenged Deutsche Bank’s application at the National Company Law Tribunal (NCLT) for the recovery of $20 million (Rs 142 crore). The Singapore branch of Deutsche Bank had given a $20 million credit facility to Uttam Galva on May 2, 2013. 

Uttam Galva has raised two contentions opposing the petition — one that the debt was time-barred and the other that the loan agreement was not stamped. Since the document is not stamped in Maharashtra, Deutsche’s claim cannot be enforced, argued Khaitan Legal Associates, the law firm representing Uttam Galva at the NCLT. 

 Uttam Galva counters Deutsche’s $20-million recovery plea at NCLT 

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