https://www.taxtmi.com/caselaws?id=396690 The Tribunal ruled in favor of the applicant-liquidator, directing the Customs Department to allow the removal of materials from customs bonded warehouses without payment of customs duty. The Customs Department was instructed to lodge their claims under the Insolvency and Bankruptcy Code (IBC), emphasizing the IBC's priority over the Customs Act. The decision highlighted that the provisions of the IBC, being the later statute, prevail over conflicting statutes. The Customs Department was also prohibited from auctioning or selling the materials, ensuring compliance with the IBC's asset distribution hierarchy. en-us Tue, 25 Feb 2020 00:00:00 +0530 Wed, 15 Jul 2020 23:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396690 The Tribunal ruled in favor of the applicant-liquidator, directing the Customs Department to allow the removal of materials from customs bonded warehouses without payment of customs duty. The Customs Department was instructed to lodge their claims under the Insolvency and Bankruptcy Code (IBC), emphasizing the IBC's priority over the Customs Act. The decision highlighted that the provisions of the IBC, being the later statute, prevail over conflicting statutes. The Customs Department was also prohibited from auctioning or selling the materials, ensuring compliance with the IBC's asset distribution hierarchy. Case-Laws Insolvency and Bankruptcy Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396690