https://www.taxtmi.com/caselaws?id=757090 Section 32A of the Insolvency and Bankruptcy Code protects the corporate debtor's property from attachment, seizure, retention or confiscation for pre-CIRP offences once a resolution plan is approved under Section 31(1) and control shifts to an eligible new management. The provision is framed to give the successful resolution applicant a clean break from past misconduct, and its Explanation gives "action against the property" wide scope. On that basis, the benefit of Section 32A extended to the successful resolution applicant, and the attached properties ought to have been released; refusal to do so was erroneous. en-us Tue, 13 Aug 2024 00:00:00 +0530 Wed, 14 Aug 2024 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757090 Section 32A of the Insolvency and Bankruptcy Code protects the corporate debtor's property from attachment, seizure, retention or confiscation for pre-CIRP offences once a resolution plan is approved under Section 31(1) and control shifts to an eligible new management. The provision is framed to give the successful resolution applicant a clean break from past misconduct, and its Explanation gives "action against the property" wide scope. On that basis, the benefit of Section 32A extended to the successful resolution applicant, and the attached properties ought to have been released; refusal to do so was erroneous. Case-Laws Insolvency and Bankruptcy Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757090