2020 (3) TMI 763

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....dvocates for petitioner no.2. Respondents Through: Mr. Amit Mahajan, CGSC with Mr. Anurag Ahluwalia, CGSC and Mr. Abhigyan Sidhant and Mr. Shaurya Jain, Advocates with Ms. Sonam Sharma, Asst. Sr. Director, SHFIO for R-2/SFIO. O R D E R VIBHU BAKHRU, J 1. The petitioner has filed the present petition impugning an order dated 16.08.2019 in CC No. 770/2019 captioned 'Serious Fraud Investigation Office v. Bhushan Steel Limited', whereby the Trial Court had taken cognizance of the offences punishable under the Companies Act, 2013; offences punishable under the Companies Act, 1956 and; certain offences under the Indian Penal Code, 1860. The petitioner also impugns the summons dated 21.08.2019, issued by the learned ASJ to the petitioner. The ....

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.... as inserted by the aforementioned Act, is set out below: "32A. (1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Adjudicating Authority under section 31, if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not - (a) a promoter or in the management or control of the corporate debtor or a related party of such a person; or (b) a person with regard to whom the relevant investigating author....