Customs dues do not impact the rights of secured creditors
Last updated: 26 August 2023
Court :
Supreme Court of India
Brief :
The Hon'ble Supreme Court in Industrial Development Bank of India v. Superintendent of Central Excise and Customs and Others [Civil Appeal No. 2568 of 2013 dated August 18, 2023] set aside the order passed by the division bench of the Hon'ble Andhra Pradesh High Court and held that the position in law was that the debt ‘due and payable', when falls within the four corners of clause (a) to Section 530(1) of the Companies Act, would be treated as preferential payment, but it would not override and be given preference over the payments of overriding preferential creditors covered under Section 529A of the Companies Act.
Citation :
Civil Appeal No. 2568 of 2013 dated August 18, 2023
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Bimal Jain
Published in Custom
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