https://www.taxtmi.com/caselaws?id=471632 Approved resolution plans that result in a change of management or control extinguish a corporate debtor's liability for pre-CIRP offences, preventing continued statutory adjudication and monetary penalties for those defaults. Promoter-directors involved in day-to-day management remain liable for fraudulent financial reporting, an improper buy-back, and a purported acquisition used to settle related-party dues. Non-disposable undertakings, pledges and irrevocable powers restricting dealings in shares constitute encumbrances requiring takeover-law disclosure. Unexplained adjudicatory delay, though not invalidating proceedings, mitigates penalties. Monetary sanctions must be proportionate, supported by material on gain, investor loss, repetitive conduct and existing market-access restrictions. en-us Thu, 09 Nov 2023 00:00:00 +0530 Fri, 11 Sep 2026 14:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471632 Approved resolution plans that result in a change of management or control extinguish a corporate debtor's liability for pre-CIRP offences, preventing continued statutory adjudication and monetary penalties for those defaults. Promoter-directors involved in day-to-day management remain liable for fraudulent financial reporting, an improper buy-back, and a purported acquisition used to settle related-party dues. Non-disposable undertakings, pledges and irrevocable powers restricting dealings in shares constitute encumbrances requiring takeover-law disclosure. Unexplained adjudicatory delay, though not invalidating proceedings, mitigates penalties. Monetary sanctions must be proportionate, supported by material on gain, investor loss, repetitive conduct and existing market-access restrictions. Case-Laws SEBI Thu, 09 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471632