The case involves an application filed by the Dy. Commissioner of Customs against Jyoti Structures Limited, the Corporate Debtor, regarding a delay in submitting proof of claim. The applicant sought condonation of a 1111-day delay in filing their claim, acceptance of their claim against the Corporate Debtor, and recall of a previous order or a declaration that certain clauses of the Resolution Plan are unauthorized. The applicant's claim arises from customs duty owed due to the Corporate Debtor's failure to fulfill export obligations under Duty Exemption Entitlement Certificates (DEEC). The Resolution Professional refused to accept the claim because the CIRP period had ended and the Resolution Plan was approved.
The Dy. Commissioner of Customs filed a claim against Jyoti Structures Limited, the Corporate Debtor, for unpaid customs duties, interest, and penalties amounting to Rs. 124,17,32,525/-. This claim arose from 6 Duty Exemption Entitlement Certificates (DEEC) issued to the Corporate Debtor to avail concessional customs duty on imported goods. The Corporate Debtor failed to fulfill export obligations, triggering the liability to pay customs duty. The applicant issued a show cause notice in 2015 and a demand notice in 2017. The applicant passed an Order-in-Original (OIO) on 31.10.2018. The Resolution Professional (RP) filed a Writ Petition challenging the OIO, arguing it was passed during the moratorium period. The CIRP of the Corporate Debtor commenced on 04.07.2017, with
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The Applicant issued a show cause notice to…
Corporate Insolvency Resolution Professional…
The case involves an application filed by the Dy. Commissioner of Customs against Jyoti Structures Limited, the Corporate Debtor, regarding a delay in submitting proof of claim. The applicant sought condonation of a 1111-day delay in filing their claim, acceptance of their claim against the Corporate Debtor, and recall of a previous order or a declaration that certain clauses of the Resolution Plan are unauthorized. The applicant's claim arises from customs duty owed due to the Corporate Debtor's failure to fulfill export obligations under Duty Exemption Entitlement Certificates (DEEC). The Resolution Professional refused to accept the claim because the CIRP period had ended and the Resolution Plan was approved.
The Dy. Commissioner of Customs filed a claim against Jyoti Structures Limited, the Corporate Debtor, for unpaid customs duties, interest, and penalties amounting to Rs. 124,17,32,525/-. This claim arose from 6 Duty Exemption Entitlement Certificates (DEEC) issued to the Corporate Debtor to avail concessional customs duty on imported goods. The Corporate Debtor failed to fulfill export obligations, triggering the liability to pay customs duty. The applicant issued a show cause notice in 2015 and a demand notice in 2017. The applicant passed an Order-in-Original (OIO) on 31.10.2018. The Resolution Professional (RP) filed a Writ Petition challenging the OIO, arguing it was passed during the moratorium period. The CIRP of the Corporate Debtor commenced on 04.07.2017, with
…The Applicant issued a show cause notice to…
Corporate Insolvency Resolution Professional…