2026 (3) TMI 1210

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....023, has been filed on behalf of accused number 1 (A1) in C.C. No. CBI/297/2019 titled "CBI Vs. JAS Infrastructure Capital Pvt. Ltd. & Ors." on the file of Special Judge(CBI), Rouse Avenue, New Delhi, Special Judge, (PC Act) (CBI)(Coal Block Cases)-02, seeking suspension of sentence during the pendency of the appeal. The appellant has been found guilty of the offences punishable under Sections 420 and 120B IPC of the Indian Penal Code, 1860, (the IPC). Vide the order on sentence dated 08.07.2025, A1 has been sentenced to pay a fine of Rs.50,00,000/- (Fifty Lakhs) each for the offences punishable under Section 120B read with Section 420 IPC and Section 420 IPC. 2. The learned counsel appearing for the appellant/A1 at the outset submitted ....

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....nce upon the dictums in Manish Kumar v Union of India (2021) 5 SCC 1, P Mohanraj &Ors. v Shah Brothers Ispat Pvt. Ltd. (2021) 6 SCC 258 and Directorate of Enforcment v Manoj Kumar Agarwal &Ors. (2021) SCC OnLine NCLAT 121. 3. Per Contra, learned Senior Counsel appearing on behalf of the respondent, has vehemently opposed the present application. He submitted that the matter pertains to the Coal Block Allocation cases and the chargesheet in the present matter was filed way back in the year 2014, which was before the insolvency proceedings of A1 had been initiated. He submitted that as per the provisions of IBC, if after the insolvency proceedings the Company is taken over by a new management which is not connected with the previous manage....

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....m the date of approval of the resolution plan. 6. Coming to the case at hand, it is admitted that the resolution plan was not approved by the adjudicating authority. It must be remembered that the immunity is premised on various conditions being fulfilled, the foremost being, there must be a resolution plan and it must be approved. Moreover, the aforementioned provision aims at the extinguishment of the liability of the corporate debtor to provide a clean slate to the 'new management' and not for the wrongdoers to get away with the liability. (See Manish Kumar (Supra)). 7. Section 32A IBC has no direct bearing on Section 14 IBC, which provides for a mandatory moratorium period to the corporate debtor from the insolvency commencement d....