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Sep 30, 2022

SC Rules That Provisions Of IBC Will Prevail Over Customs Act in Case Of Conflict

In Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs,[1] the SC has held that in case of conflict between the provisions of Insolvency and Bankruptcy Code, 2016 (‘IBC’) and Customs Act, 1962 (‘Customs Act’), in view of Section 238 of the IBC, the provisions of IBC will prevail over the Customs Act. The SC held that once a moratorium is imposed, the customs authority would be barred from initiating recovery of dues by means of sale/confiscation, as provided under the Customs Act.

 

[1] Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs, 2022 SCC OnLine SC 1101.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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