9911796707
TMI Blog2020 (4) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... Company namely M/s. Continental Warehousing Corporation (Nhava Sheva) Limited filed claim with proof in Form B under regulation 7 of the Code claiming an amount of Rs. 9,16,037 against the Corporate Debtor and the same has been admitted in respect to the dues prior to the insolvency commencement date i.e. on 09-12-2018. 2. He has further stated he was appointed as IRP on 10-12-2018 on admission of the Company Petition, subsequent thereto, first CoC meeting was held on 8-1-2019. 3. IRP submits that the Respondent is aware of initiation of CIRP and also moratorium against the Corporate Debtor. During the CIRP period, the Corporate Debtor had transactions with the Respondent and the payments have been made in accordance with the terms agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor. 6. The Respondent further submits that it is a Customs bonded Warehouse and Container Freight Station (CFS) authorized and licenced by Customs to various services for the import and export of cargo within the ambit of Customs Act and its regulations thereto. It has also been further stated that the Respondent is entitled to exercise its lien on the said cargo for the dues payable to the customs and for the services the Respondent rendered on the said cargo. 7. The Respondent submits that the importer M/s. Sundaram Fasteners has bonded 35 shipments including the subject cargo with the customs under the provisions of the Customs Act. In terms of the said Customs Act, the said cargo moved by the Importer to the premises of the cust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 35 shipments have been cleared by the importer through its agent (the Corporate Debtor) without payment of the dues which has been acknowledged by the Corporate Debtor. The Respondent has a running account with the importer for the invoices raised by the Respondent, the importer makes the payment through its agent/the Corporate Debtor, which is given due credit to it. For the amounts not being paid, the Respondent is entitled to exercise its lien on the cargo for the said dues as stated u/s 171 of the Indian Contract Act as well as under Chapter 7 (clearance of imported goods and exported goods) and Chapter 9 [warehousing (section 63)] of the Customs Act. The Respondent/warehouse keeper says that if the rent of the warehouse and other d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the asset lying with the Respondent is not the asset of the Corporate Debtor. 15. Even looking at the invoices allegedly raised by the Respondent on the Corporate Debtor dated 23-4-2019, 30-5-2019 and also other documents filed by the Applicant clearly indicate that buyer of those goods is M/s. Sundaram Fasteners whereby it cannot be inferred that the Corporate Debtor has right over the goods lying with the Respondent. 16. For the goods not belonging to the Corporate Debtor, the Corporate Debtor, by virtue of invocation of moratorium, cannot ask for the custody of the asset showing as if the asset belongs to the Corporate Debtor. 17. It has been further submitted that under Customs Act, the lien is operative against the goods held b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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