Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1759 - Tri - Insolvency and BankruptcyAuction of 256 Containers - remission of sale proceeds to the Resolution Professional/ Corporate Debtor's - HELD THAT:- After the initiation of CIRP and declaration of moratorium, the Customs Authority/Respondent could not have auctioned the goods stuffed in the 256 containers. But, since the goods have been sold by auction and taken away by the bona-fide buyers, there is no use pursuing the buyers and thus it would be in the interest of the Corporate Debtor that the sale proceeds of ₹ 10,60,10,000/- are directed to be deposited with the Resolution Professional, along with the remaining 667 containers still lying with the Customs. The Custom Authorities shall remit/pay the amount of ₹ 10,60,10,000/- as the sale proceeds in their possession within two weeks of the date of receipt of this order, to the Resolution Professional/ Corporate Debtor's account either by way of Demand draft or through e-payment facility in the Bank directly, to be provided by the Resolution Professional to the Respondent, immediately - Application disposed off.
|