https://www.taxtmi.com/caselaws?id=449394 The Madras HC held that criminal proceedings against a company cannot continue after it undergoes Corporate Insolvency Resolution Process under IBC. Once NCLT accepts a resolution plan and new management takes over, all past liabilities including criminal liability are wiped off, creating a clean slate. The court quashed proceedings against the company, noting that criminal liability cannot be transferred to new management. However, the complainant may identify and prosecute individual officers who were responsible for the company's affairs during the relevant period when alleged offences occurred. en-us Tue, 09 Jan 2024 00:00:00 +0530 Sat, 10 Feb 2024 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449394 The Madras HC held that criminal proceedings against a company cannot continue after it undergoes Corporate Insolvency Resolution Process under IBC. Once NCLT accepts a resolution plan and new management takes over, all past liabilities including criminal liability are wiped off, creating a clean slate. The court quashed proceedings against the company, noting that criminal liability cannot be transferred to new management. However, the complainant may identify and prosecute individual officers who were responsible for the company's affairs during the relevant period when alleged offences occurred. Case-Laws Income Tax Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449394