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Insolvency and BankruptcyAugust 18, 2020Case LawsAT
Resolution of Corporate Insolvency approved by the Committee of Creditors - Claim of Customs Duty and other dues after de-bonding / de-notification of SEZ unit - it is abundantly clear that the estimated amount of ₹ 45 Crores has been set apart in the approved Resolution Plan to take care of the duties chargeable and penalties imposable by the Development Commissioner while according approval to opting out of Corporate Debtor from SEZ. - Additional demand towards interest and penalty not sustainable - AT
Resolution of Corporate Insolvency approved by the Committee of Creditors - Claim of Customs Duty and other dues after de-bonding / de-notification of SEZ unit - it is abundantly clear that the estimated amount of ₹ 45 Crores has been set apart in the approved Resolution Plan to take care of the duties chargeable and penalties imposable by the Development Commissioner while according approval to opting out of Corporate Debtor from SEZ. - Additional demand towards interest and penalty not sustainable - AT
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