https://www.taxtmi.com/caselaws?id=410853 Once CIRP and the moratorium under the Insolvency and Bankruptcy Code commenced, cargo treated as belonging to the corporate debtor could not be auctioned by customs outside the insolvency framework. The Code prevailed over inconsistent customs ures, so the auction sale proceeds had to be dealt with in the insolvency proceedings. The customs department's dues were characterised as statutory claims falling within the position of an operational creditor, and the penalty imposed for non-compliance with the earlier release direction was set aside. The department was left to pursue its claim through the insolvency process. en-us Tue, 10 Aug 2021 00:00:00 +0530 Wed, 11 Aug 2021 09:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410853 Once CIRP and the moratorium under the Insolvency and Bankruptcy Code commenced, cargo treated as belonging to the corporate debtor could not be auctioned by customs outside the insolvency framework. The Code prevailed over inconsistent customs ures, so the auction sale proceeds had to be dealt with in the insolvency proceedings. The customs department's dues were characterised as statutory claims falling within the position of an operational creditor, and the penalty imposed for non-compliance with the earlier release direction was set aside. The department was left to pursue its claim through the insolvency process. Case-Laws Insolvency and Bankruptcy Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410853