Section 142A
Liability under Act to be first charge.
About this Act
An Act to consolidate and amend the law relating to Customs.
1[142A. Liability under Act to be first charge.--Notwithstanding anything to the contrary
contained in any Central Act or State Act, any amount of duty, penalty, interest or any other sum payable
by an assessee or any other person under this Act, shall, save as otherwise provided in section 529A of the
Companies Act, 1956 (1 of 1956), the Recovery of Debts Due to Banks and the Financial Institutions Act,
1993 (51 of 1993) and 2[the Securitisation and Reconstruction of Financial Assets and the Enforcement of
Security Interest Act, 2002 (54 of 2002) and the Insolvency and Bankruptcy Code, 2016 (31 of 2016).]]
Notes
1. Ins. by Act 8 of 2011, s. 51 (w.e.f. 8-4-2011).
2. Subs. by Act 31 of 2016, s. 248, for "and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)" (w.e.f. 1-11-2016) vide Notification S.O. No. 3355(E), dated 1-11-2016.
2. Subs. by Act 31 of 2016, s. 248, for "and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)" (w.e.f. 1-11-2016) vide Notification S.O. No. 3355(E), dated 1-11-2016.