https://www.taxtmi.com/caselaws?id=297579 The Tribunal ruled in favor of the Resolution Professional, holding that the Customs Authority's auction of goods post initiation of Corporate Insolvency Resolution Process (CIRP) was illegal. It directed the Customs Authority to remit the sale proceeds and hand over the remaining containers to the Resolution Professional. The decision emphasized the supremacy of the Insolvency and Bankruptcy Code over the Customs Act during CIRP, allowing parties to submit claims as Operational Creditors for the Resolution Plan. Compliance formalities were outlined for issuing certified copies to relevant parties. en-us Fri, 30 Aug 2019 00:00:00 +0530 Fri, 10 Sep 2021 21:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297579 The Tribunal ruled in favor of the Resolution Professional, holding that the Customs Authority's auction of goods post initiation of Corporate Insolvency Resolution Process (CIRP) was illegal. It directed the Customs Authority to remit the sale proceeds and hand over the remaining containers to the Resolution Professional. The decision emphasized the supremacy of the Insolvency and Bankruptcy Code over the Customs Act during CIRP, allowing parties to submit claims as Operational Creditors for the Resolution Plan. Compliance formalities were outlined for issuing certified copies to relevant parties. Case-Laws Insolvency and Bankruptcy Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297579