The case involves a dispute over customs duty and interest claimed by the Customs Department against Sembmarine Kakinada Limited ('CD'), a company undergoing liquidation. The CD had imported a Floating Dry Dock (FDD) in 2012 under a duty exemption. The Customs Department claimed that the sale and export of the FDD to a foreign buyer in 2023 constituted a breach of the conditions of the exemption, leading to a demand for customs duty and interest. The Liquidator rejected the Customs Department's claim as belated. The Customs Department filed IA(IBC)/253/2023 seeking to have its claim admitted as part of the liquidation costs and to condone the delay in filing the claim. The Liquidator filed IA(IBC)/261/2023 seeking adjudication on whether the customs duty deposited
…Sembmarine Kakinada Limited ('CD') was an integrated offshore and Marine Engineering Company. In 2012, the CD imported a Floating Dry Dock (FDD) under Bill of Entry no. 8617966 dated 29.11.2012, claiming full exemption from customs duty. This exemption was availed under Sr. No. 459 of Notification No. 12/2012-Customs dated 17.03.2012, subject to condition No. 79. The CD was undergoing liquidation, and a public announcement was made on 04.11.2021, inviting stakeholders to submit claims by 01.12.2021. The Liquidator requested the Customs Department to undertake essential maintenance and repairs of the FDD. The Liquidator later exported the FDD to M/s. Asyad Dry Dock LLC, Oman, under Shipping Bill No. 7683680 dated 10.02.2023, obtaining customs clearance on the same day.
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Sembmarine Kakinada Limited imported a…
Public announcement was made inviting…
The case involves a dispute over customs duty and interest claimed by the Customs Department against Sembmarine Kakinada Limited ('CD'), a company undergoing liquidation. The CD had imported a Floating Dry Dock (FDD) in 2012 under a duty exemption. The Customs Department claimed that the sale and export of the FDD to a foreign buyer in 2023 constituted a breach of the conditions of the exemption, leading to a demand for customs duty and interest. The Liquidator rejected the Customs Department's claim as belated. The Customs Department filed IA(IBC)/253/2023 seeking to have its claim admitted as part of the liquidation costs and to condone the delay in filing the claim. The Liquidator filed IA(IBC)/261/2023 seeking adjudication on whether the customs duty deposited
…Sembmarine Kakinada Limited ('CD') was an integrated offshore and Marine Engineering Company. In 2012, the CD imported a Floating Dry Dock (FDD) under Bill of Entry no. 8617966 dated 29.11.2012, claiming full exemption from customs duty. This exemption was availed under Sr. No. 459 of Notification No. 12/2012-Customs dated 17.03.2012, subject to condition No. 79. The CD was undergoing liquidation, and a public announcement was made on 04.11.2021, inviting stakeholders to submit claims by 01.12.2021. The Liquidator requested the Customs Department to undertake essential maintenance and repairs of the FDD. The Liquidator later exported the FDD to M/s. Asyad Dry Dock LLC, Oman, under Shipping Bill No. 7683680 dated 10.02.2023, obtaining customs clearance on the same day.
…Sembmarine Kakinada Limited imported a…
Public announcement was made inviting…