Case Law Details
Commissioner of Customs (Preventive) Vs Ferro Alloys Corporation Ltd. (CESTAT Kolkata)
Introduction: In the case of Commissioner of Customs (Preventive) vs. Ferro Alloys Corporation Ltd., the Central Excise and Service Tax Appellate Tribunal (CESTAT) appeals have been dismissed as a result of a significant order by the National Company Law Tribunal (NCLT). This article delves into the details of the case and the subsequent legal proceedings.
Detailed Analysis: The NCLT approved a Resolution Plan, which faced opposition from the Revenue. The Revenue initially challenged the plan before the National Company Law Appellate Tribunal (NCLAT), but their appeal was dismissed. Following this, the Revenue filed an appeal with the Supreme Court, which, in turn, was also dismissed on January 30, 2023.
The core argument presented by the Revenue was that the claims prior to January 30, 2020, had been extinguished as per the Resolution Plan sanctioned by the NCLT. The Commissioner (Appeals) supported this stance and emphasized the necessity of implementing the order in alignment with NCLT’s directives.
In a significant development, the NCLAT’s dismissal of the Revenue’s appeal was upheld by the Supreme Court, thus concluding the matter. As of this point, the issue stands resolved and no longer warrants further legal action.
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