2022 (6) TMI 922

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.....M.A. 1961/2022 (for exemption) 1. Exemption allowed subject to just exceptions. 2. Application is disposed of. CRL.M.C. 430/2022 CRL.M.A. 1959/2022 (for stay of order dated 30.10.2021) CRL.M.A.1960/2022 (for stay of the proceedings in complaint case) 1. In this petition, the petitioners seek quashing of the complaint filed by the respondent No. 2 and the order dated 30th October 2021 passed by the learned Special Judge summoning the petitioners for offences punishable under Sections 31(1), 74(3) and 235A of the Insolvency and Bankruptcy Code, 2016 (in short I.B.C.). 2. Briefly, case of the petitioners is that the petitioner No. 1 filed an application in insolvency proceedings before the NCLT, wherein the Resolution Pla....

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....he I.B.C. In the aforesaid decision, the NCLAT noted that in the proceedings while approving the Resolution Plan, neither the Insolvency and Bankruptcy Board of India nor the Central Government are made parties to any of the corporate insolvency resolution process and hence, it would violate the principles of natural justice if no opportunity is given to the successful corporate resolution applicant to explain the reasons of its failure to comply with the terms it was required to abide, before launching the prosecution. It is further stated that the decision in the case of Committee of Creditors of Amtek Auto Ltd. (supra) was challenged in a Special Leave Petition before the Hon'ble Supreme Court, where this portion of the direction that a ....