https://www.taxtmi.com/caselaws?id=446893 Delhi HC ruled that customs duty claims are extinguished upon approval of resolution plan under Section 31 of IBC. Court held that IBC provisions override Customs Act, citing SC precedents in ABG Shipyard and Essar Steel cases. Once resolution plan is approved by Committee of Creditors, it binds all stakeholders including revenue authorities, ensuring successful applicant operates on clean slate. Petition challenging customs demand was allowed as the impugned order could not be sustained. en-us Mon, 04 Dec 2023 00:00:00 +0530 Wed, 13 Dec 2023 20:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446893 Delhi HC ruled that customs duty claims are extinguished upon approval of resolution plan under Section 31 of IBC. Court held that IBC provisions override Customs Act, citing SC precedents in ABG Shipyard and Essar Steel cases. Once resolution plan is approved by Committee of Creditors, it binds all stakeholders including revenue authorities, ensuring successful applicant operates on clean slate. Petition challenging customs demand was allowed as the impugned order could not be sustained. Case-Laws Customs Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446893