CIRP - Recovery of customs duty - adjudication of Bill of entry ...

Supreme Court Affirms IBC Supremacy Over Customs Act in Insolvency Cases, Restricts Recovery Actions Violating Sections 14, 33(5).

August 29, 2022

Case Laws Insolvency and Bankruptcy SC

CIRP - Recovery of customs duty - adjudication of Bill of entry after initiation of Corporate Insolvency process - priority of IBC over the Customs Act - It is to be noted that the Customs Act and the IBC act in their own spheres. In case of any conflict, the IBC overrides the Customs Act. - the Customs department could only initiate assessment or reassessment of the duties and other levies. They cannot transgress such boundary and proceed to initiate recovery in violation of Sections 14 or 33(5) of the IBC - SC

View Source

← Previous Next →

CIRP - Recovery of customs duty - adjudication of Bill of entry ...

Supreme Court Affirms IBC Supremacy Over Customs Act in Insolvency Cases, Restricts Recovery Actions Violating Sections 14, 33(5).

August 29, 2022

Case Laws Insolvency and Bankruptcy SC

You may also like:

CIRP in progress - moratorium in effect - recovery of dues from NPA - It is claimed that since the moratorium under Section 14 of the IBC has ceased to subsist after the...

Maintainability of application u/s 7 - time limitation - The Appellate Tribunal referenced recent Supreme Court judgments, affirming that a liability arising from a...

Recovery of demand - It is noted that IBC proceedings are being initiated against many companies who are either appellant or respondent in the appeals pending before...

Initiation of CIRP - period of limitation - whether the issuance of Recovery Certificate would not trigger the right to sue. - A liability in respect of a claim arising...

Action for recovery of penalty, pending Appeals/Reviews

NCLAT upheld dismissal of Section 9 IBC application concerning outstanding payment dispute between parties. WhatsApp communications evidenced pre-existing dispute...

The ITAT Chandigarh addressed the validity of income tax proceedings against a dissolved/insolvent company. The tribunal held that under Section 31 of the Insolvency and...

Scope of IBC - dishonor of cheque - compounding of offences - Recovery of the dues - Section 65(1) of the Code does not expressly mention ‘Debt Recovery Action’ under...

The NCLAT dismissed the appeal and upheld the NCLT order, ruling that u/s 14 of the IBC, 2016, a security deposit lying with a third party cannot be adjusted against...

CIRP - Partnership Form - The court examined the definitions under the IBC and noted that it does not include partnership firms or their directors as corporate debtors....

The High Court ruled that security interests over assets of a corporate debtor to secure amounts due under a judgment or decree must give way to the provisions of the...

The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the...

Recovery of income tax dues - Assessee Company under CIRP processings - Supremacy of IBC over all other Central and State statutes including Income-tax Act - Apex court...

Recovery of Tax - Company under liquidation under the IBC - Once a company is dissolved it becomes a non-existent party and therefore no action can be brought in its...

The Supreme Court held that the lookback period for related party transactions u/s 43 of the Insolvency and Bankruptcy Code (IBC) is two years before the insolvency...

Quick Updates: