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GITA GOPI
DIAMOND POWER INFRASTRUCTURE LIMITED – Appellant
Versus
ASST. DIRECTOR, DIRECTORATE OF ENFORCEMENT – Respondent
ORDER :
1. All the present three revisions are filed by Diamond Power Infrastructure Limited as petitioner, through one Manishkumar Janakrai Pathak, Senior Manager (Legal), challenging three different orders passed on the same date i.e. 10/04/2023.
1.1. Criminal Revision No. 689 of 2023 is with a prayer to set aside the order passed by the learned Principal District and Sessions Judge and Special Judge [PMLA] Ahmedabad (Rural) at Mirzapur, Ahmedabad and discharge/quash the proceedings against the petitioner in PMLA Case No. 5 of 2021.
1.2. Criminal Revision Application No. 690 of 2023 challenges order passed by learned Principal District and Sessions Judge and Special Judge [PMLA] Ahmedabad (Rural) at Mirzapur, Ahmedabad with a prayer to set aside the order and discharge/quash the proceeding against the petitioner in ACB Case No. 3 of 2020.
1.3. Criminal Revision Application No. 692 of 2023 challenges the order passed by the learned Principal District and Sessions Judge and Special Judge [PMLA] Ahmedabad (Rural) at Mirzapur, Ahmedabad with a prayer to set aside the order and discharge/quash proceedings against the petitioner in PMLA Case No. 21 of 2018.
2. An FIR was registered on 26/03
Section 32A of the IB Code, 2016 provides immunity to corporate debtors from prosecution for prior offences upon approval of a resolution plan, ensuring a clean slate for new management.
The approved Resolution Plan under the IBC extinguishes non-included claims, ensuring new management operates on a clean slate while meeting legal compliance.
Upon approval of a resolution plan, all past corporate liabilities, including criminal ones, are extinguished, allowing new management to assume control without prior burdens.
Section 32A of the IBC, 2016 grants corporate debtors immunity from prosecution and asset attachment upon resolution plan approval, overriding provisions of the PMLA, 2002.
The approval of a resolution plan under Section 32A of the IBC extinguishes the criminal liability of the corporate debtor, but does not absolve individuals responsible for the company's conduct from....
Section 32A of the IBC extinguishes criminal liability for the corporate debtor post-resolution but not for directors under Section 138 of the NI Act.
(1) Dishonour of cheque – Offence by company – By operation of provisions of IBC, criminal prosecution initiated against the natural persons under Section 138 read with 141 of NI Act read with Sectio....
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