This case involves an appeal against an order dated 05.06.2023 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in IA No.749. The Resolution Professional (RP) of B.K.M. Industries Limited filed an application seeking the release of assets comprising machineries of the Corporate Debtor. The Adjudicating Authority allowed the application and directed the release of the assets. Aggrieved by this order, the Principal Commissioner of Customs and others filed the appeal.
M/s. B.K.M. Industries Limited faced Corporate Insolvency Resolution Process (CIRP) starting 30.12.2020. Prior to CIRP, B.K.M. Industries had an agreement with Maruti Cottex Limited to transfer machinery to its Nigerian subsidiary. Customs Authorities seized a consignment being exported by Maruti Cottex Ltd. on 06.03.2019. A Show-Cause Notice was issued to B.K.M. Industries and Maruti Cottex Ltd. Additional Commissioner confiscated the goods on 03.12.2020, under Section 113(i) of the Customs Act, 1962, offering redemption on payment of Rs.16,83,872/-. The Interim Resolution Professional (IRP) requested the Customs Department to return the goods on 05.06.2021, with reminders issued later. After no response, IA No.749 of 2021 was filed by the RP seeking release of the
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Customs Authorities…
Additional Commissioner confiscated the goods…
This case involves an appeal against an order dated 05.06.2023 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in IA No.749. The Resolution Professional (RP) of B.K.M. Industries Limited filed an application seeking the release of assets comprising machineries of the Corporate Debtor. The Adjudicating Authority allowed the application and directed the release of the assets. Aggrieved by this order, the Principal Commissioner of Customs and others filed the appeal.
M/s. B.K.M. Industries Limited faced Corporate Insolvency Resolution Process (CIRP) starting 30.12.2020. Prior to CIRP, B.K.M. Industries had an agreement with Maruti Cottex Limited to transfer machinery to its Nigerian subsidiary. Customs Authorities seized a consignment being exported by Maruti Cottex Ltd. on 06.03.2019. A Show-Cause Notice was issued to B.K.M. Industries and Maruti Cottex Ltd. Additional Commissioner confiscated the goods on 03.12.2020, under Section 113(i) of the Customs Act, 1962, offering redemption on payment of Rs.16,83,872/-. The Interim Resolution Professional (IRP) requested the Customs Department to return the goods on 05.06.2021, with reminders issued later. After no response, IA No.749 of 2021 was filed by the RP seeking release of the
…Customs Authorities…
Additional Commissioner confiscated the goods…