The case involves an application filed by the Resolution Professional (RP) seeking a direction against the Central Bureau of Investigation (CBI) and the Office of Development Commissioner, MEPZ Special Economic Zone, to comply with a previous order regarding the handover of gold from CBI custody. The gold was initially seized due to alleged violations of import regulations by Surana Corporation Limited. A criminal case was filed by CBI but later closed with directions to deliver the gold to the creditor, SBI. MEPZ then raised objections, issuing a show cause notice to the Corporate Debtor, claiming violations of the Foreign Trade (Development and Regulation) Act, 1992.
In 2011, Surana Corporation Limited (Corporate Debtor) imported gold, which led the CBI to believe that import laws were violated. The CBI initiated a complaint and seized the gold. Subsequently, the CBI filed a final report citing a mistake of fact, and the CBI court closed the case, directing the CBI to deliver the gold to the creditor of the Corporate Debtor, which is SBI. CIRP was initiated against the Corporate Debtor. The Resolution Professional (RP) filed an application for the release of the gold to SBI, as it was part of the liquidation estate. MEPZ (R2) raised objections, issuing a show cause notice alleging violations of the Foreign Trade (Development and Regulation) Act, 1992, specifically citing non-compliance with time limits for filing returns, taking
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Surana Corpo…
CBI Court directed the…
The case involves an application filed by the Resolution Professional (RP) seeking a direction against the Central Bureau of Investigation (CBI) and the Office of Development Commissioner, MEPZ Special Economic Zone, to comply with a previous order regarding the handover of gold from CBI custody. The gold was initially seized due to alleged violations of import regulations by Surana Corporation Limited. A criminal case was filed by CBI but later closed with directions to deliver the gold to the creditor, SBI. MEPZ then raised objections, issuing a show cause notice to the Corporate Debtor, claiming violations of the Foreign Trade (Development and Regulation) Act, 1992.
In 2011, Surana Corporation Limited (Corporate Debtor) imported gold, which led the CBI to believe that import laws were violated. The CBI initiated a complaint and seized the gold. Subsequently, the CBI filed a final report citing a mistake of fact, and the CBI court closed the case, directing the CBI to deliver the gold to the creditor of the Corporate Debtor, which is SBI. CIRP was initiated against the Corporate Debtor. The Resolution Professional (RP) filed an application for the release of the gold to SBI, as it was part of the liquidation estate. MEPZ (R2) raised objections, issuing a show cause notice alleging violations of the Foreign Trade (Development and Regulation) Act, 1992, specifically citing non-compliance with time limits for filing returns, taking
…Surana Corpo…
CBI Court directed the…