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TMI BlogDelhi HC sets aside money laundering case against Bhushan Power and SteelX X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi HC sets aside money laundering case against Bhushan Power and Steel X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code, the company -- now taken over by JSW Steel -- should not be prosecuted for the offences committed before the start of the insolvency process. The officers of the erstwhile company, however, should continue to be prosecuted and punished under the law, notwithstanding the fact that the firm's liability had ceased, the court said. "In the overall conspectus, the writ p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition is being partly allowed with the above clarification and the impugned order dated January 17, 2020 passed by the special judge, CBI, Rouse Avenue district court taking cognisance and issuing process and the consequential criminal proceedings...only to the extent of the petitioner company are being hereby set aside," the court said on January 30. The petitioner was represented by senior a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocates Abhishek Singhvi and Vikas Pahwa. In a prosecution complaint in 2020, the Enforcement Directorate named Bhushan Power and Steel Limited (BPSL) as an accused along with the erstwhile chairman and managing director who were allegedly involved in the offence of money laundering in relation to a bank fraud to the tune of Rs 47,204 crore. The senior counsel for the petitioner company said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its liability for an alleged offence committed prior to the commencement of insolvency process had ceased and it could not be prosecuted for such an offence once the resolution plan of JSW were approved. PTI ADS AMK X X X X Extracts X X X X X X X X Extracts X X X X
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