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2022 (10) TMI 1190 - AT - Insolvency and BankruptcySeeking custody of the assets of the Corporate Debtor, seized pursuant to Inventory cum Seizure List - remission of amount to the Liquidator account within two weeks of the receipt of the order - handing over possession of the properties - overriding effect of IBC would prevail over the Customs Act - raising of fresh issue in the appeal instead of taking the side of one of the parties before the Court. Whether the provisions of the IBC would prevail over the Customs Act? - HELD THAT:- The answer is no more res-integra in view of the decision of the Supreme Court in the case of Sundaresh Bhatt [2022 (8) TMI 1161 - SUPREME COURT] where it was held that Once moratorium is imposed in terms of Sections 14 or 33(5) of the IBC as the case may be, the respondent authority only has a limited jurisdiction to assess/determine the quantum of customs duty and other levies. The respondent authority does not have been the power to initiate recovery of dues by means of sale/confiscation, as provided under the Customs Act. Whether the Intervenor can raise a fresh issue in the appeal instead of taking the side of one of the parties before the Court? - HELD THAT:- Admittedly the Intervenor had filed its own appeal in order to challenge the findings recorded in its I.A. No. 22 of 2019 but their Appeal No. 94 of 2020 was dismissed on 20.01.2020. The Hon’ble Supreme Court in the case of Saraswati Industrial Syndicate Ltd. [1999 (3) TMI 3 - SUPREME COURT] has observed that We cannot pass such an order in an intervention application. The only purpose of granting an intervention application is to entitle the intervener to address arguments in support of one or the other side. Having heard the arguments, we have decided in the assessee’s favour. The interveners may take advantage of that order. No other point has been raised - there are no merit in the present appeal and the same is hereby dismissed.
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