Cotton Corporation NCLT Claim Dismissed as Contingent

NCLT Ahmedabad dismissed Cotton Corporation's application against RP's decision to treat its Rs 6.82 crore claim as nil.
The claim arose from a 2007 arbitral award which remains under challenge in Bombay High Court with conditional stay.
Applicant had conditionally withdrawn Rs 5 crore subject to undertaking to redeposit if corporate debtor succeeds in appeal.
Tribunal upheld RP's treatment of claim as contingent and admitted it at notional value of Re 1 only.