Supreme Court · 2023 INSC 746 · Decided 18 August 2023
Industrial Development Bank of India (Through Stressed Assets Stabilization Fund Constituted BY the Government of India) v. Superintendent of Central Excise and Customs and Others
- Court
- Supreme Court of India
- Citation
- 2023 INSC 746 · [2023] 12 S.C.R. 1052
- Case number
- CIVIL APPEAL No. 2568/2013
- Decided
- 18 August 2023
- Bench
- SANJIV KHANNA, SUDHANSHU DHULIA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 372(1); Companies Act Section 529A, 530(1), 530, 529, 530(1)(a), 530(8)(c); Customs Act Section 530(1), 46, 68, 142A; IBC Section 142A; SARFAESI Act
Headnote
HEADNOTES Issue for consideration: Whether the Customs Act, 1962 creates a fi rst charge overriding the charge in favour of the secured creditor. Companies Act, 1956 - ss.529A, 530(1) - Customs duty 'due and payable' - 'relevant date' - Preferential payments u/clause (a) to s.530(1) - Customs Act if negates or overrides the statutory preference in terms of s.529A, Companies Act
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