2026 (4) TMI 526

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.... 2. The impugned order makes a reference of the FIR registered by the CBI on 26.03.2018 against M/s Diamond Power Infrastructure Ltd., Vadodara (DPIL), Shri Suresh Narain Bhatnagar, founder of DPIL, Shri Amit Suresh Bhatnagar, Managing Director, DPIL, Shri Sumit Suresh Bhatnagar, Joint Managing Director of DPIL and unknown public servants of various banks for the offence under Sections 420, 467,468,471 read with 120-B IPC and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988. 3. It was alleged that M/s DPIL caused a loss of Rs. 2654.40 Crore to the consortium of 11 banks. The details of exposure of various banks were given in the impugned order. M/s DPIL resorted to exorbitant turnover projections for for....

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.... resolution plan could be made within the time period of CIRP, and in view of the same, the COC in their 8th meeting held on 08.03.2021 resolved to liquidate the Corporate Debtor with 100% voting. Based on the decision of the COC, the Resolution Professional moved an application before the NCLT, Ahmedabad for initiation of the liquidation process under Section 33 of the IBC Code, 2016. During the course of liquidation, the appellant received Provisional Attachment Order dated 30.06.2022 much subsequent to initiation of liquidation process under Section 33 of IBC Code, 2016. 5. The learned counsel submitted that the provisional attachment of property could not have been effected once the liquidation was ordered by the NCLT and with the af....

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....cation before the NCLT, Ahmedabad for initiation of the liquidation process under Section 33 of the IBC Code, 2016. The Provisional Attachment Order was admittedly passed subsequently on 30.06.2022 which is hit by Section 32A(2) of IBC and thus Section 32A of IBC, 2016 is quoted hereunder: "Section 32A: Liability for prior offences, etc. 32A. (1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by th....

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....uted and punished for such an offence committed by the corporate debtor notwithstanding that the corporate debtor's liability has ceased under this sub-section. (2) No action shall be taken against the property of the corporate debtor in relation to an offence committed prior to the commencement of the corporate insolvency resolution process of the corporate debtor, where such property is covered under a resolution plan approved by the Adjudicating Authority under section 31, which results in the change in control of the corporate debtor to a person, or sale of liquidation assets under the provisions of Chapter III of Part II of this Code to a person, who was not- (i) a promoter or in the management or control of the corpo....