Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The corporate debtor cannot be prosecuted for prior liability after the approval of the Resolution Plan, as per Section 32-A of the Insolvency & Bankruptcy Code (IBC). However, the protection u/s 32-A is limited to the corporate debtor and does not extend to its Directors who were in charge when the offence was committed or were signatories to the cheque. The Supreme Court in Ajay Kumar Radheshuyam Goenka case clarified that in proceedings u/s 138 of the Negotiable Instruments Act, if the plan is approved or the company dissolved during the pendency, the Directors and other accused cannot escape liability by citing dissolution. They will have to continue facing prosecution. The High Court allowed the Criminal Original Petitions.
The corporate debtor cannot be prosecuted for prior liability after the approval of the Resolution Plan, as per Section 32-A of the Insolvency & Bankruptcy Code (IBC). However, the protection u/s 32-A is limited to the corporate debtor and does not extend to its Directors who were in charge when the offence was committed or were signatories to the cheque. The Supreme Court in Ajay Kumar Radheshuyam Goenka case clarified that in proceedings u/s 138 of the Negotiable Instruments Act, if the plan is approved or the company dissolved during the pendency, the Directors and other accused cannot escape liability by citing dissolution. They will have to continue facing prosecution. The High Court allowed the Criminal Original Petitions.
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