https://www.taxtmi.com/caselaws?id=402980 The court quashed the FIR and criminal proceeding under Sections 406/420 IPC, as the allegations did not meet the essential elements of the offenses. It was found that the petitioner, acting as a resolution professional, had acted in good faith under the Insolvency Code, following directions from the NCLT and Committee of Creditors. The court emphasized the importance of material facts in attributing lack of good faith and noted the absence of deception or fraud by the petitioner. The FIR was deemed to have been lodged with a malicious intent, leading to its quashing. en-us Tue, 12 Jan 2021 00:00:00 +0530 Fri, 12 Mar 2021 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402980 The court quashed the FIR and criminal proceeding under Sections 406/420 IPC, as the allegations did not meet the essential elements of the offenses. It was found that the petitioner, acting as a resolution professional, had acted in good faith under the Insolvency Code, following directions from the NCLT and Committee of Creditors. The court emphasized the importance of material facts in attributing lack of good faith and noted the absence of deception or fraud by the petitioner. The FIR was deemed to have been lodged with a malicious intent, leading to its quashing. Case-Laws Insolvency and Bankruptcy Tue, 12 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402980