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TMI Blog2020 (3) TMI 666X X X X Extracts X X X X X X X X Extracts X X X X ..... of the CIRP and the corporate debtor would not be prosecuted if a resolution plan has been approved by the Adjudicating Authority. In the present case, there is no dispute that a resolution plan has been approved by the Adjudicating Authority (NCLT) and in the circumstances, there is much merit in the contention that the petitioner cannot be prosecuted and is liable to be discharged. Petition allowed. - W.P.(CRL) 712/2020 & CRL. M. A. Nos. 5449/2020 & 5450/2020 - - - Dated:- 13-3-2020 - MR. VIBHU BAKHRU J. Petitioner Through: Mr. Dayan Krishnan, Senior Advocate with Mr. Amit K. Mishra, Mr. Sidharth Agarwal, Ms. Devna Arora, Ms. Apeksha Dhanvijay, Ms. Nikita, Mr. Arvind Thapliyal, Mr. Varad Chaudhary, Mr Manik Ahluwalia and Ms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the petitioner company has been taken over by new promoters, who are not connected with the previous management. 4. The learned counsel appearing for the petitioner submits that in terms of Section 32A of the IBC, as inserted by Section 10 of the Insolvency of Bankruptcy Code (Amendment) Ordinance, 2019; the petitioner is required to be discharged from the aforesaid proceedings. 5. Section 32A(1) of the IBC, as inserted by the aforementioned ordinance, is set out below: 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 corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investigating authority, shall continue to be liable to be prosecuted and punished for such an offence committed by the corporate debtor notwithstanding that the corporate debtor s liability has ceased under this sub-section. 6. It is clear from the express language of the aforementioned provision that a Corporate Debtor would not be liable for any offence committed prior to commencement of the CIRP and the corporate debtor would not be prosecuted if a resolution plan has been approved by the Adjudicating Authority. 7. In the present case, there is no dispute that a resolution plan has been approved by the Adjudicating Authority (NCLT) and in the circumstances, there is much merit in the contention that the petitioner cannot be pros ..... X X X X Extracts X X X X X X X X Extracts X X X X
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