https://www.taxtmi.com/caselaws?id=465667 After approval of a resolution plan under s.31 IBC, the HC held that s.32A (a non-obstante provision) extinguishes the corporate debtor's criminal liability for pre-CIRP offences and bars continuation of prosecution, provided the plan effects a complete change in ownership and control and the erstwhile promoters/management or related parties do not retain control; consequently, immunity is denied where such persons continue in management or control. The HC further held that s.32A(2) immunises the corporate debtor's property from attachment or restraint in proceedings connected to pre-CIRP offences once the plan and change in control take effect, as clarified by the Explanation, and therefore the enforcement agency's provisional attachment could not continue after such approval. Petition allowed. en-us Thu, 28 Nov 2024 00:00:00 +0530 Mon, 05 Jan 2026 20:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465667 After approval of a resolution plan under s.31 IBC, the HC held that s.32A (a non-obstante provision) extinguishes the corporate debtor's criminal liability for pre-CIRP offences and bars continuation of prosecution, provided the plan effects a complete change in ownership and control and the erstwhile promoters/management or related parties do not retain control; consequently, immunity is denied where such persons continue in management or control. The HC further held that s.32A(2) immunises the corporate debtor's property from attachment or restraint in proceedings connected to pre-CIRP offences once the plan and change in control take effect, as clarified by the Explanation, and therefore the enforcement agency's provisional attachment could not continue after such approval. Petition allowed. Case-Laws Money Laundering Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465667