Customs Duty Recovery & Secured Creditors' Rights: Section 142A of Customs Act Aligns with Companies Act Section 529A.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Recovery of dues against customs duty - Preferential right of secured creditors over hypothecated movable property - The provision of Section 142A of the Customs Act, insofar as it protects the rights of overriding preferential creditors governed and covered by Section 529A of the Companies Act, is clarificatory and declaratory in nature, and does not lay down a new dictum or confer any new right as far as the present case is concerned. - SC....