The case involves an application filed by the Interim Resolution Professional (IRP) of MKM Technologies Pvt. Ltd., which is undergoing Corporate Insolvency Resolution Process (CIRP). The IRP sought a direction from the Adjudicating Authority to the Commissioner of Customs to hand over goods/assets owned by the Corporate Debtor, which were lying with the Customs Department as of the CIRP commencement date. The Corporate Debtor had imported certain goods, and these were lying with the Commissioner of Customs, Noida. The value of these goods, as per the information provided by the Corporate Debtor, was Rs. 36,44,46,464.88 as on 04.03.2020. Despite communications and a legal notice, the IRP received no response from the Customs Department. The Customs Department contended
…MKM Technologies Pvt. Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). Arvind Mittal is the Interim Resolution Professional (IRP). Leel Electricals Limited is the Corporate Debtor. The IRP filed an application seeking the handover of goods owned by the Corporate Debtor, which were lying with the Commissioner of Customs, Noida. The value of the goods was Rs. 36,44,46,464.88 as of 04.03.2020. The IRP sent communications and a legal notice to the Customs Department but received no response. The Customs Department claimed the right to recover dues under Section 72 of the Customs Act, 1962, and stated that disposal proceedings had begun before March 2020. The IRP argued that the moratorium under Section 14 of the IBC prevented the Customs Department from
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Adjudicating Authority initiated CIRP based…
The applicant made a…
The case involves an application filed by the Interim Resolution Professional (IRP) of MKM Technologies Pvt. Ltd., which is undergoing Corporate Insolvency Resolution Process (CIRP). The IRP sought a direction from the Adjudicating Authority to the Commissioner of Customs to hand over goods/assets owned by the Corporate Debtor, which were lying with the Customs Department as of the CIRP commencement date. The Corporate Debtor had imported certain goods, and these were lying with the Commissioner of Customs, Noida. The value of these goods, as per the information provided by the Corporate Debtor, was Rs. 36,44,46,464.88 as on 04.03.2020. Despite communications and a legal notice, the IRP received no response from the Customs Department. The Customs Department contended
…MKM Technologies Pvt. Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). Arvind Mittal is the Interim Resolution Professional (IRP). Leel Electricals Limited is the Corporate Debtor. The IRP filed an application seeking the handover of goods owned by the Corporate Debtor, which were lying with the Commissioner of Customs, Noida. The value of the goods was Rs. 36,44,46,464.88 as of 04.03.2020. The IRP sent communications and a legal notice to the Customs Department but received no response. The Customs Department claimed the right to recover dues under Section 72 of the Customs Act, 1962, and stated that disposal proceedings had begun before March 2020. The IRP argued that the moratorium under Section 14 of the IBC prevented the Customs Department from
…Adjudicating Authority initiated CIRP based…
The applicant made a…