2019 (8) TMI 1759

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.... Tribunal Rules 2016 filed by the Resolution Professional appointed in respect of M/s. BRG Iron & Steel Co. Pvt. Ltd., hereinafter referred to as the Corporate Debtor against the Deputy Commissioner, Special Disposal Cell (Port), an Authority appointed under the Customs Act, the Respondent herein. 2. It is submitted in the application that this Tribunal vide order dated 5th March, 2019 had passed an order of initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor under Section 14 of the IBC, 2016 from that very date. It is submitted further that the Respondent had been retaining the illegal custody over 923 containers full of goods and raw-materials belonging to the Corporate Debtor which had been importe....

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.... iii) The sale proceeds shall be kept by customs authorities in a short term fixed deposit account with any nationalized Bank yielding highest return until the matter is finally disposed off and, iv) Customs authorities shall file an affidavit disclosing the steps taken by the customs authorities. 5. It is mentioned in the application that as per the information derieved by the Applicant the Custom Authorities have sold the goods stuffed in 256 containers for a sum of Rs. 10,60,10,000/- (Rupees Ten Crore Sixty Lacs Ten Thousand Only), and the Customs Department be directed not to proceed with the e-auction of the remaining containers, in view of the moratorium order being in existence since March 5, 2019 in the appellan....

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...., (Preventive), West Bengal - vs. - Ramsarup Industries Limited passed on 28th June, 2019 whereby the orders dated 3rd July, 2018 passed by the Adjudicating Authority, Kolkata was affirmed by the NCLAT, New Delhi, holding that the provisions of Section 238 of the Insolvency and Bankruptcy Code, 2016 shall over-ride the provisions of Section 48 of the Customs Act as it has been enacted later in point of time. The Applicant has further referred to the judgements passed by National Company Law Tribunal, Allahabad Bench in CA(IB) No. 88/ALD/2018 in CP(IB) No. 23/ALD/2017 in case, Raman Ispat Pvt. Ltd. and also by NCLT Mumbai Bench in the case of Srei Infrastructure Finance Limited - vs. Sterling SEZ and Infrastructure Limited in M.A. No. 1280 o....