https://www.taxtmi.com/caselaws?id=280773 The National Company Law Tribunal, Chennai, held that debit notes for customs duty payment in a running account were not valid for consideration in Insolvency and Bankruptcy Code claims. The High Sea Sale Agreement clause specifying the responsibility for customs duty payment and jurisdiction for dispute resolution favored the Corporate Debtor, absolving the Operational Creditor from liability. The Tribunal's decision was upheld by the NCLAT and the Supreme Court, emphasizing the importance of legal consistency. Consequently, the Tribunal ruled against considering the debit notes in the Operational Creditor's claim analysis, leading to the disposal of the application. en-us Thu, 28 Jun 2018 00:00:00 +0530 Tue, 21 May 2019 06:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280773 The National Company Law Tribunal, Chennai, held that debit notes for customs duty payment in a running account were not valid for consideration in Insolvency and Bankruptcy Code claims. The High Sea Sale Agreement clause specifying the responsibility for customs duty payment and jurisdiction for dispute resolution favored the Corporate Debtor, absolving the Operational Creditor from liability. The Tribunal's decision was upheld by the NCLAT and the Supreme Court, emphasizing the importance of legal consistency. Consequently, the Tribunal ruled against considering the debit notes in the Operational Creditor's claim analysis, leading to the disposal of the application. Case-Laws Insolvency and Bankruptcy Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280773