Effect of Section 14 of IBC on Recovery of Custom Duty - Sundaresh Bhatt Case
The Supreme Court of India (‘SCI’) on 26.08.2022 held that the Insolvency and Bankruptcy Code 2015 (‘IBC’) would prevail over Customs Act, to the extent that once moratorium is imposed in terms of Sections 14 or 33(5) of the IBC, the Custom authority only has a limited jurisdiction to assess/determine the quantum of customs duty and other levies.
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