TMI Blog2020 (4) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor is not the consignee, the Corporate Debtor was only engaged to provide clearance services, for which, we need not labour over the facts to say that the asset lying with the Respondent is not the asset of the Corporate Debtor - 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 agreed upon. During the month of May 2019, the Corporate Debtor has transferred ₹ 4,00,503 towards two bonded consignments belonging to its constituent M/s. Sundaram Fasteners in respect of the transaction entered during the CIRP perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 custodian the Respondent under various bills of entry filed. The bills of lading would reveal that the cargo has been carried by the liner/carriers, in which the name of the consignee has been clearly mentioned as M/s. Sundaram ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 dues are not paid within ten days from the date they become due, the warehouse keeper (the Respondent) would issue notice to the owner/importer and sell away the goods with the permission of the proper Officer. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by CFS and it is entitled to retain the goods or to sell off them as per the Customs Act until dues are paid. As long as dues are not paid, statutory lien will continue operating against th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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