The commercial or business decision taken by the Liquidator for conducting the sale of the movable/ immovable assets of the Corporate Debtor in liquidation cannot be challenged. The Appellate Authority cannot don the mantle of a supervisory authority for overseeing the validity of the approach of the Liquidator in opting for a particular mode of sale of the assets of the Corporate Debtor.
| Posted on: August 26, 2022 |
The IBC would prevail over The Customs Act, to the extent that once moratorium is imposed in terms of Sections 14 or 33(5) of the IBC, as the case may be, the respondent authority has a limited jurisdiction to assess/determine the quantum of custom duty and other levies. The respondent authority does not have the power to initiate recovery of the dues by means of sale/confiscation, as provided under Custom Act.
| Posted on: August 26, 2022 |
The law on this issue stands crystallised to the effect that the inherent powers enshrined under Section 151 CPC can be exercised only where no remedy has been provided for in any other provision of CPC. In the event that a party has obtained a decree or order by playing a fraud upon the court, or where an order has been passed by a mistake of the court, the court may be justified in rectifying such mistake, either by recalling the said order, or by passing any other appropriate order. However, inherent powers cannot be used in conflict of any other existing provision, or in case a remedy has been provided for by any other provision of CPC. Moreover, in the event that a fraud has been played upon a party, the same may not be a 19 case where inherent powers can be exercised
| Posted on: August 23, 2022 |