Supreme Court: Once moratorium is in effect, the IBC will prevail over the Customs Act

The Supreme Court of India (“Supreme Court”) in Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs has held that the Customs Act, 1962 (“Customs Act”) and the Insolvency and Bankruptcy Code, 2016 (“IBC”) act in their own spheres. In case of any conflict, the IBC would override the Customs Act.

Filed under:
India, Insolvency & Restructuring, Litigation, Trade & Customs, JSA, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
Authors:
Dheeraj Nair , Anjali Anchayil , Aishna Jain
Location:
India
Firm:
JSA