As per the case facts, the Industrial Development Bank of India appealed a High Court judgment which held that customs authorities had the first right to sell imported goods and ... adjust proceeds towards customs duty, notwithstanding winding-up orders and provisions of the Companies Act. The company in question had hypothecated movable properties and mortgaged immovable properties to IDBI for financial assistance. The question arose whether the customs authorities have priority over other creditors, including secured creditors like IDBI, regarding the sale proceeds of imported goods, especially when a company is in liquidation and provisions of the Companies Act are involved. Finally, the Supreme Court allowed the appeal and set aside the High Court's judgment. It ruled that the amount specified and covered by Section 178 of the Income Tax Act is protected due to its non obstante clause and must be set aside, not forming part of the pool for distribution among ordinary, unsecured, overriding, or preferential creditors under the Companies Act. The sale proceeds deposited and accrued interest will be paid to the Official Liquidator for distribution according to Sections 529A and 530 of the Companies Act.