TaxTMI 
TaxTMI 
TaxTMI 
2025 (9) TMI 1278
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....recting the issuance of Notice and seeks appearance of the Petitioner/NTPC Ltd. and also quashing of all proceedings arising from the Complaint in regard to Jhabua Power Ltd. (hereinafter referred to as "JPL"). 2. JPL was incorporated in the year 1995 as a part of Avantha Group. It is a power generation Company having its operational capacity of 1*600 MW thermal power project located at Seoni (near Jabalpur), Madhya Pradesh. JPL was admitted into the Corporate Insolvency Resolution Process in C.P (IB) No.634/KB/2017 based on a Petition filed by Flsmidth Private Limited, an Operational Creditor at National Company Law Tribunal (NCLT), Kolkata Bench. Mr. Abhilash Lal was appointed as the Resolution Professional (RP) of the Corporate Debtor J....
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....7. On 26.06.2021 pursuant to the negotiation between the Committee of Creditors and NTPC Ltd., a Plan dated 16.04.2021 was submitted by the Petitioner which was put for discussion and voting in the 16th CoC on 26.06.2021. The Resolution Plan submitted was voted in favour of the Petitioner by 100% vote of the CoC. 8. On 29.12.2021, Competition Commission of India (CCI) approved the proposed combination and acquisition of JPL by the Petitioner under the Resolution Plan. The NCLT, Kolkata Bench passed a final Order on 06.07.2022 in I.A.(IB) Noi.586/KB/2021 approving the aforesaid Resolution Plan. The Order also explicitly granted immunity from prior offences under Section 32A IBC. 9. The Financial Creditors of JPL chose to convert their NCD ....
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....y, investigation, summon, notice or any other proceedings pertaining to seizure or attachment of the assets of the Corporate Debtor shall stand irrevocable and unconditionally withdrawn, abated, settled and extinguished in perpetuity on and with effect from the Approval Date." 13. It is stated that while summoning the Petitioner, the learned Special has ignored the mandate of law in the case of Pepsi Foods Limited and Another vs. Special Judicial Magistrate and Others, (1998) 5 SCC 749, wherein it is held that summoning a person in Criminal cases is a serious matter and the Criminal law cannot be set into motion as a matter of course. The proceedings undertaking by the learned Special Judge is contrary to the judicially and legislatively s....
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....Special Judge, thereby creating uncertainty and defeating the purpose of IBC. Prosecuting the revived Corporate Entity does not serve any objective of punishing the actual money launderers or confiscating their ill-gotten gains. Instead, it penalizes a bona fide Public Sector Undertaking that has invested in reviving a stressed asset; a result that is manifestly contrary to the spirit and intention of the IBC. 16. All the pre-conditions for the applicability of the immunity under IBC have been fulfilled, namely a Resolution Plan submitted by the Petitioner has been approved by the NCT and it had resulted in a complete change in management and control of JPL to a person, who was not a promoter, related party or a person implicated by the In....
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....4/2021 be quashed. 21. Learned counsel on behalf of the State has submitted that vide impugned Order dated 28.07.2025, the Petitioner has not been summoned as an Accused on behalf of Accused No.21 JPL, but because it has been brought on record that the IBC proceedings against JPL stand concluded and the Resolution Plan submitted by NTPC has been accepted making it a 50% shareholder in JPL, the Notice has been issued to the Petitioner solely for the purpose of getting the complete facts about the existence of JPL. It is submitted that the Notice issued vide impugned Order, is not a Summoning Order and NTPC is issued a Notice to appear to explain the proceedings which have been undertaking against the JPL, and not as an accused. Submissions ....