TaxTMI 
TaxTMI 
2026 (2) TMI 1159
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed by the Special Director, Enforcement Directorate, Government of India, Chennai. The Ld. Adjudicating Authority (AA) imposed the penalty of Rs. 8,00,00,000/- and 40,00,000/- on the Appellant for the contraventions of Section 7(1)(a) and Section 7(1)(b) of the Foreign Exchange Management Act, 1999 (FEMA), read with Regulations 9(1) and 13 (ii) & (iii) of the Foreign Exchange Management (Exports of Goods and Services) Regulations, 2000, to the extent of Rs. 42,31,17,205/- and Rs. 203,09,22,642/- respectively. Further penalty of Rs. 2,70,000/- was imposed on the Appellant for the contravention of Section 7(1)(a) of FEMA, read with Regulation 16 of the Foreign Exchange Management (Exports of Goods and Services) Regulations, 2000, vide the Imp....
X X X X Extracts X X X X
X X X X Extracts X X X X
....39;ble NCLT, Chennai vide Judgment dated 25th/27th June, 2019. It was submitted that the Resolution Plan specifically provided that all inquiries, investigations, notices, claims, or other judicial, regulatory or administrative proceedings against the Corporate Debtor or the affairs of the Corporate Debtor, pending in relation to any period on or before the approval of Resolution Plan shall stand settled at NIL as against any amount, determined to be paid by the Corporate Debtor. However, any similar inquiry, investigation, etc. whether civil or criminal pending against the erstwhile management promoter/promoter group of the Corporate Debtor shall continue. 5. Ld. Counsel for the Appellant submitted that the said Judgment was challenged ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tored the judgment of the NCLT approving the Resolution Plan of M/s Dhanuka Laboratories Ltd. Ld. Counsel for the Appellant further stated that in March 2020, the Resolution Plan of M/s Dhanuka Laboratories Ltd. was implemented and the new management of the Appellant took effective and complete control over the management and operations. 9. Ld. Counsel for the Appellant submitted that the immunity to the Corporate Debtor is also from prosecution, that is, from present proceedings initiated by Enforcement Directorate (ED). The period of immunity begins from initiation of CIRP that is from 17.08.2017. The complete management and board of Orchid Pharma Ltd. had changed pursuant to the approval of the Resolution Plan. None of the Members of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ad imposed a penalty INR 42,81,000 and INR 21,40,000 on Monnet Ispat (the Corporate Debtor), vide order dated 27.05.2019 for the alleged violation of the Foreign Exchange Management Act, 2019. The said order of 27.05.2019 was appealed before this Hon'ble Tribunal. While the appeal was pending, a demand notice dated 18.11.2020 was issued on Monnet Ispat seeking payment of the above-mentioned amount. The Petitioner, JSW Ispat Special Products Limited before the Hon'ble Supreme Court was the Successful Resolution Applicant who had taken over the Corporate Debtor, Monnet Ispat. The Petitioner had filed a petition under Article 32 of the Constitution of India before the Hon'ble Supreme Court challenging the demand notice dated 18.11.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ourt, the Impugned Order in the present Appeal must also be set-aside. Ld. Counsel therefore pleaded to allow the Appeal. 12. Ld. Counsel for the Respondent Directorate while opposing the Appeal on merit had nothing to state that the New Management were either related to the previous promoter/ Management or involved in the alleged offence. 13. We have considered the rival submissions and the material on record. First and foremost, we note that in paragraph 4.9 of the Impugned Order it is noted that the Appellant Company was under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. We find that the Impugned Order was passed on 28.08.2020. It is on record that the Hon'ble Supreme Court vide....