TaxTMI 
TaxTMI 
2024 (3) TMI 695
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....Writ Petition under Article 226 of the Constitution of India read with Section 482 of the Code of Criminal Procedure, 1973 (Cr.P.C.) has been preferred on behalf of the petitioner with the following prayers: "a. Issue a Writ, order or direction in the nature of a mandamus or any other appropriate writ, order or direction directing the Respondents to provide a copy of the ECR/ AMZO/ 12/2021 to the Petitioner along with complete records and annexures [if any] and also place the same before this Hon'ble Court; b. Issue a writ, order or direction* in the nature of a mandamus and/or certiorari or any other appropriate writ, order or direction quashing the ECIR being ECIR/ AMZ0/12/2021 and all consequential investigations an....
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....I Mumbai under Section 120B read with Section 420 IPC, Section 13(2) read with Section 13(1)(d) of Prevention of Corruption Act, 1988 against M/s Technovaa Plastic Industries Private Limited (Company) and others, wherein petitioner is named as accused No. 3. 4. In brief, as per the case of the petitioner, M/s Technovaa Plastic Industries Private Limited was sanctioned a term loan of Rs. 85.62 crores by Bank of Baroda which was disbursed and utilized before 01.04.2015. The account of the company was declared NPA by Bank of Baroda on 30.03.2018 and further M/s Ernst & Young were engaged for conducting forensic audit of the company for the period 01.04.2015 to 31.03.2018. 5. It is further the case of the petitioner that NCLT Ahmedabad ad....
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....titioner, the insistence is stated to have been made for appearance of the petitioner. 8. In the aforesaid background, learned counsel for the petitioner presses for staying the ED investigation along with impugned summons dated 22.02.2024. It is also prayed that respondent be refrained from taking coercive steps against the petitioner. 9. Shri Siddharth Luthra, Senior Advocate on behalf of the petitioner submits that the aforesaid EY Audit has been declared unreliable by the National Company Law Tribunal Ahmedabad vide order dated 09.02.2021 in IA No. 618/2019 in CP(IB) No. 189/2018 on multiple grounds and as such any proceedings arising thereon, in the investigation undertaken by ED deserves to be quashed. It is further urged that t....
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....ations based upon the ECIR and the benefit cannot be granted at this stage merely on account of order dated 09.02.2021 passed by NCLT or the orders granting anticipatory bail to the petitioner in FIR registered by CBI. Referring to Section 41 of PMLA, 2002, it is urged that jurisdiction of Civil Courts is barred in respect of any matter in which the Director or an Adjudicating Authority or the Appellate Tribunal is empowered under the Act to determine, and no injunction shall be granted by any Court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act. Further, relying upon Second Proviso of Section 32A of Insolvency and Bankruptcy Code, 2016, which deals with liabil....
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....nion of India and Others, 2022 SCC OnLine SC 929; Dr. Manik Bhattacharya v. Ramesh Malik and Others, 2022 SCC OnLine SC 1465; Directorate of Enforcement v. Niraj Tyagi and Others, Criminal Appeal No. 834/2024 decided on 13.02.2024. 11. In A.P. Mahesh Cooperative Urban Bank Shareholders Welfare Association v. Ramesh Kumar Bung and Ors.(supra), it was observed that Neeharika Infrastructure Pvt. Ltd. v. State of Maharashtra & Ors, (2021) SCC OnLine SC 315 allows space for the High Court to pass an interim order in exceptional cases with caution and circumspection, giving brief reasons and what is frowned upon in Neeharika Infrastructure Pvt. Ltd. v. State of Maharashtra & Ors (supra) is the tendency of the Courts to pass blanket, cryptic, l....