2020 (3) TMI 763

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..... 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. The impugned order dated 16.08.2019 and the impugned summons dated 21.08.2019, are set aside - Petition allowed.
MR. VIBHU BAKHRU J. Petitioners Through: Mr. Dayan Krishnan, Senior Advocate with Mr. Amit K. Mishra, Mr. Sidharth Agarwal, Mr. Shashank Gautam, Ms. Devna Arora, Ms. Apeksha Dhanvijay, Mr. Arvin, Mr. Sanjeevi Sisadari and Mr. Sukrit Seth, Advocates for petitioner no.1. Mr. Abhishek Singhvi, Senior Advocate with Mr. Amit Mishra, Mr. Siddharth Sharma, Mr. Shashank Gautam, Ms. Devna Arora, Ms. Apeksha Dhanvijay, Mr. Arvin, Mr. Varad Chaudhary, Mr. Azeem Semeul and .....

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..... 8. The said order dated 15.05.2018 was impugned before the National Company Law Appellate Tribunal (NCLAT) in Company Appeal (AT) (Insolvency) No. 221/2018 and connected matters. The same was dismissed by NCLAT on 10.08.2018. Thereafter, 72.65% of the petitioner's equity capital was acquired by Tata Steel Limited. 3. In terms of the Resolution Plan, the management of 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 virtue of the Insolvency of Bankruptcy Code (Amendment) Act, 2020; the petitioner is required to be discharged from the aforesaid proceedings. 5. Se .....

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..... ) of section 2 of the Companies Act, 2013, or was in any manner in-charge of, or responsible to the corporate debtor for the conduct of its business or associated with the corporate debtor in any manner and who was directly or indirectly involved in the commission of such offence as per the report submitted or complaint filed by the 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 co .....

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