Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Section 32A IBC extinguishes a corporate debtor's criminal liability only from the date an approved resolution plan effects a change of management/control to persons unconnected with prior management; the immunity is conditional and aimed at a new management, not past wrongdoers, and therefore was unavailable where no plan was approved. Separately, Section 14 IBC's moratorium merely suspends initiation or continuation of proceedings during CIRP and does not extinguish ongoing criminal liability; consequently the petition for suspension of sentence was dismissed as neither Section 32A nor the moratorium entitled the appellant to relief.
Section 32A IBC extinguishes a corporate debtor's criminal liability only from the date an approved resolution plan effects a change of management/control to persons unconnected with prior management; the immunity is conditional and aimed at a new management, not past wrongdoers, and therefore was unavailable where no plan was approved. Separately, Section 14 IBC's moratorium merely suspends initiation or continuation of proceedings during CIRP and does not extinguish ongoing criminal liability; consequently the petition for suspension of sentence was dismissed as neither Section 32A nor the moratorium entitled the appellant to relief.
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