https://www.taxtmi.com/caselaws?id=750695 Gujarat HC held that when a vessel is confiscated under Section 115 of the Customs Act, 1962, it vests in the Central Government per Section 126, thereby extinguishing any existing mortgage. The mortgagee bank was directed to issue a No Due Certificate to the auction purchaser. The court distinguished the Supreme Court's decision in O. Konavalov, noting it applied to pre-existing crew rights under Maritime Laws, not mortgage rights under Customs Act. The petition was allowed, directing the bank to issue the certificate enabling vessel transfer between ports. en-us Thu, 14 Mar 2024 00:00:00 +0530 Sat, 04 Jan 2025 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750695 Gujarat HC held that when a vessel is confiscated under Section 115 of the Customs Act, 1962, it vests in the Central Government per Section 126, thereby extinguishing any existing mortgage. The mortgagee bank was directed to issue a No Due Certificate to the auction purchaser. The court distinguished the Supreme Court's decision in O. Konavalov, noting it applied to pre-existing crew rights under Maritime Laws, not mortgage rights under Customs Act. The petition was allowed, directing the bank to issue the certificate enabling vessel transfer between ports. Case-Laws Customs Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750695