https://www.taxtmi.com/caselaws?id=763668 Section 32A of the Insolvency and Bankruptcy Code, 2016 can bar prosecution of a corporate debtor for offences alleged to have been committed before commencement of the corporate insolvency resolution process, once a resolution plan is approved and management and control pass to an unrelated resolution applicant. Applying the settled principles on quashing of FIRs, the Delhi High Court noted that inherent power may be used where a legal bar extinguishes criminal liability. It treated the alleged offences as pre-CIRP conduct and held that immunity under Section 32A protected the corporate debtor, while liability of persons actually involved in the alleged offences remained unaffected. The FIR and consequential proceedings were liable to be quashed qua the petitioner. en-us Mon, 23 Dec 2024 00:00:00 +0530 Tue, 24 Dec 2024 11:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763668 Section 32A of the Insolvency and Bankruptcy Code, 2016 can bar prosecution of a corporate debtor for offences alleged to have been committed before commencement of the corporate insolvency resolution process, once a resolution plan is approved and management and control pass to an unrelated resolution applicant. Applying the settled principles on quashing of FIRs, the Delhi High Court noted that inherent power may be used where a legal bar extinguishes criminal liability. It treated the alleged offences as pre-CIRP conduct and held that immunity under Section 32A protected the corporate debtor, while liability of persons actually involved in the alleged offences remained unaffected. The FIR and consequential proceedings were liable to be quashed qua the petitioner. Case-Laws IBC Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763668