Supreme Court of India
Industrial Development Bank of India (through Stressed Assets Stabilization Fund Constituted by the Government of India) v. Superintendent of Central Excise and Customs and Others
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What the Court ordered
In view of the aforesaid discussion and for the reasons stated, the present appeal is allowed and the impugned judgment dated 26th August 2008 39 (1996) 8 SCC 303. 40 For short, ‘Income Tax Act’. IDBI (THROUGH STRESSED ASSETS STABILIZATION FUND CONSTITUTED BY THE GoI) v.
Judgment, page 30
From the headnote
Issue for consideration: Whether the Customs Act, 1962 creates a fi rst charge overriding the charge in favour of the secured creditor. Customs Act, 1962 – Companies Act, 1956 – ss.529A, 530 (1) – Customs duty ‘due and payable’ – ‘relevant date’ – Pr eferential payments u/clause (a) to s.530(1) – Customs Act if negates or overrides the statutory preference in terms of s.529A, Companies Act – Prior secured creditors if entitled to enforce their charge, n otwithstanding the government dues payable under the Customs Act: Held: Upon import of the goods, the Company had entered the goods for home
Authorities it was built on
- 2000 Dena Bank v. Bhikhabhai Prabhudas Parekh and Co. and Ors.
- 1964 Builders Supply Corporation v. The Union of India Represented by the Commissioner of Income-tax, West Bengal and Others
- 1967 Collector of Aurangabad & Anr v. Central Bank of India & Anr.
- 1991 Rajratha Naranbhai Mills. Co. Ltd. v. Sales Tax Officer, Petlad
- 2008 Commissioner of Customs, Calcutta & Another v. Biecco Lawrie Ltd.
- 1996 Imperial Chit Funds (p) Ltd. v. Income Tax Officer, Ernakulam
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