https://www.taxtmi.com/caselaws?id=402980 Allegations of criminal breach of trust and cheating arising from actions taken during an insolvency resolution process were found not to disclose the essential ingredients of Sections 406 and 420 IPC. The petitioner acted as resolution professional under the Insolvency and Bankruptcy Code pursuant to tribunal directions, and the revised offer, competing bids, and creditor deliberations were already within the knowledge of the committee of creditors and approved by the tribunal before the complaint was made. On those facts, there was no prima facie entrustment, dishonest misappropriation, deception, or fraudulent inducement, and the complaint was treated as an attempt to react to adverse insolvency orders. The FIR and consequential criminal proceeding were therefore liable to be quashed as an abuse of process. 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 Allegations of criminal breach of trust and cheating arising from actions taken during an insolvency resolution process were found not to disclose the essential ingredients of Sections 406 and 420 IPC. The petitioner acted as resolution professional under the Insolvency and Bankruptcy Code pursuant to tribunal directions, and the revised offer, competing bids, and creditor deliberations were already within the knowledge of the committee of creditors and approved by the tribunal before the complaint was made. On those facts, there was no prima facie entrustment, dishonest misappropriation, deception, or fraudulent inducement, and the complaint was treated as an attempt to react to adverse insolvency orders. The FIR and consequential criminal proceeding were therefore liable to be quashed as an abuse of process. Case-Laws Insolvency and Bankruptcy Tue, 12 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402980