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Issues: Whether the criminal proceeding and order of cognizance for alleged contravention under Section 74(3) of the Insolvency and Bankruptcy Code, 2016 should be quashed under Section 482 of the Code of Criminal Procedure, and whether the proceeding should remain in abeyance pending decision of the Board on the request for withdrawal of the complaint.
Outcome: The application was disposed of with a direction to the Board to decide the petitioners' request for withdrawal of the prosecution within three weeks, with a temporary restraint on the Special Court from proceeding in the matter during that period, and with liberty to the petitioners to seek quashing afresh if so advised.