https://www.taxtmi.com/article/detailed?id=11795 Whether the Customs Act creates an overriding first charge over imported goods warehoused under customs bonds was considered against the Companies Act priority scheme. The Supreme Court explained that while Crown preference survives as law in force against ordinary unsecured creditors, customs adjudication and auction powers do not negate or displace prior perfected security interests; debts falling within Section 530(1)(a) remain preferential under the Companies Act but do not override secured creditors or the statutory structure of Section 529A. en-us Wed, 30 Aug 2023 11:00:41 +0530 Wed, 30 Aug 2023 11:00:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11795 Whether the Customs Act creates an overriding first charge over imported goods warehoused under customs bonds was considered against the Companies Act priority scheme. The Supreme Court explained that while Crown preference survives as law in force against ordinary unsecured creditors, customs adjudication and auction powers do not negate or displace prior perfected security interests; debts falling within Section 530(1)(a) remain preferential under the Companies Act but do not override secured creditors or the statutory structure of Section 529A. Articles Corporate Laws / IBC / SEBI Wed, 30 Aug 2023 11:00:41 +0530 https://www.taxtmi.com/article/detailed?id=11795