The Assistant Commissioner of Customs (EPCG-EODC) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking condonation of delay in filing a claim before the Resolution Professional of the Corporate Debtor, M/s. Leo Primecomp Private Limited. The applicant's claim arises from 5 EPCG Authorisations obtained by the Corporate Debtor between 17.03.2010 and 13.10.2011, under which the Corporate Debtor imported capital goods and availed customs duty exemption. The applicant states that the Corporate Debtor failed to fulfill its export obligation within the stipulated period, resulting in a liability of Rs.35,62,07,300/- including duty and interest. The CIRP against the Corporate Debtor commenced on 24.07.2019, and the applicant filed its
…M/s. Leo Primecomp Private Limited (Corporate Debtor) obtained 5 EPCG Authorisations between 17.03.2010 and 13.10.2011, allowing them to import capital goods with customs duty exemption. The Assistant Commissioner of Customs (Applicant) claims that the Corporate Debtor failed to meet export obligations, resulting in a liability of Rs. 35,62,07,300/- (including duty and interest). CIRP commenced against the Corporate Debtor on 24.07.2019. The Applicant filed a claim on 12.03.2020, 217 days after the deadline of 10.08.2019. The Applicant sought condonation of this delay. The Respondents argued the delay was unjustified and the claim was unquantifiable due to pending finalization of exemption by the EPCG Committee. The Applicant was informed of the CIRP commencement. The
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M/s. Leo Primecomp Private Limited obtained 5…
M/s. Leo Primecomp Private Limited obtained 5…
The Assistant Commissioner of Customs (EPCG-EODC) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking condonation of delay in filing a claim before the Resolution Professional of the Corporate Debtor, M/s. Leo Primecomp Private Limited. The applicant's claim arises from 5 EPCG Authorisations obtained by the Corporate Debtor between 17.03.2010 and 13.10.2011, under which the Corporate Debtor imported capital goods and availed customs duty exemption. The applicant states that the Corporate Debtor failed to fulfill its export obligation within the stipulated period, resulting in a liability of Rs.35,62,07,300/- including duty and interest. The CIRP against the Corporate Debtor commenced on 24.07.2019, and the applicant filed its
…M/s. Leo Primecomp Private Limited (Corporate Debtor) obtained 5 EPCG Authorisations between 17.03.2010 and 13.10.2011, allowing them to import capital goods with customs duty exemption. The Assistant Commissioner of Customs (Applicant) claims that the Corporate Debtor failed to meet export obligations, resulting in a liability of Rs. 35,62,07,300/- (including duty and interest). CIRP commenced against the Corporate Debtor on 24.07.2019. The Applicant filed a claim on 12.03.2020, 217 days after the deadline of 10.08.2019. The Applicant sought condonation of this delay. The Respondents argued the delay was unjustified and the claim was unquantifiable due to pending finalization of exemption by the EPCG Committee. The Applicant was informed of the CIRP commencement. The
…M/s. Leo Primecomp Private Limited obtained 5…
M/s. Leo Primecomp Private Limited obtained 5…