Chatroom: 'After imposition of moratorium, IBC prevails over Customs laws'

After initiation of CIRP, the liquidator can secure the imported goods from the Customs to be dealt with appropriately in terms of the IBC

We had imported certain goods and stored them in the bonded warehouse. Before we could clear them our company got into financial difficulty and went into proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Orders were passed initially under Section 13(1)(a) and later under Section 33(5) of the IBC, barring the institution of legal proceedings by or against us and appointing a liquidator/Independent Resolution Professional. After initiation of this Corporate Insolvency Resolution Process, the Customs have issued demand notices in respect of the goods lying in the bonded warehouse, seeking enforcement of customs dues by way of confiscation and