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2022 (10) TMI 1019 - HC - CustomsDemand of customs duty - CIRP proceedings under IBC were concluded - Benefit of concessional rate of duty exemption - sr. no. 34 of Notification no.21/2002-Cus dated 1.03.2002 as amended - Whether it is correct to hold that carotene value in crude palm oil decreases due to passage of time relying upon the test report which no where provides that carotene value in crude palm oil decreases with passage of time? - HELD THAT:- In the facts of the present case also, no claim was filed by the appellant-Commissioner of Customs with regard to demand after the issuance of the notice under IBC for initiation of the resolution process before the Resolution Professional. In terms of the provisions of the IBC, Resolution Plan was approved by the Committee of Creditors on 30.04.2019 and thereafter the same was approved by NCLT and the corporate insolvency resolution process was completed on 6.09.2019. It is also not in dispute that plan has been successfully implemented and consequently change in control and ownership of the respondent has taken place with effect from 18.12.2019 and there is no involvement of any erstwhile promoters and erstwhile directors on the Board of Directors of respondent. Taking into consideration the fact of the completion of the resolution process of the respondent by the NCLT and undisputed fact that the appellant has not lodged any claim in the capacity of the Operational Creditor before the Resolution Professional, this appeal is required to be disposed of as having become infructuous and abated - Appeal disposed off.
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