MHCC020058722020 IN THE COURT OF SESSIONS, DESIGNATED AS SPECIAL COURT UNDER THE PML ACT, 2002, GR. BOMBAY ORDER BELOW EXH.67 IN PMLA SPL. CASE NO. 452 OF 2020 Dewan Housing Finance Corporation )

Limited (DHFL) )...Accused No.11 In the matter of:

Directorate of Enforcement (ED) )

Through the Assistant Director, Rajiv Kumar, ) Complainant/ Mumbai Zone-I Office, Mumbai )…Respondent Vs Mr. Rana Kapoor & Ors )...Accused Appearance:

Ld. Sr. Advocate Karan Kadam a/w Ld. Advocate Chitra Rentala a/w Ld. Advocate Parikshith Kezhkekara a/w Ld. Advocate Priyanka Vishnoi i/b Trilegal for Applicant/Accused No.11.

Ld. Spl.P.P. Mr. Sunil Gonsalves for ED, Mumbai.

CORAM : R.B.ROTE ADDITIONAL SESSIONS JUDGE, DESIGNATED AS SPECIAL COURT UNDER THE PML ACT, 2002.

(C.R.No.16)

DATE : 02^nd FEBRUARY, 2026 ORDER BELOW EXH.67

01. The applicant/accused No.11 Dewan Housing Finance Corporation Limited (DHFL) has filed this application for suspension of proceedings/discharge under section 32A of the Insolvency and Bankruptcy Code, 2016 (IBC).

02. Read the application, documents produced on record and reply filed by the ED and Ld. Spl.P.P. at Exh.67-A.

03. Heard Ld. Sr. Advocate for the applicant/accused No.11 and Ld. Spl.P.P. Mr. Sunil Gonsalves at length.

04. On behalf of the applicant/ accused No.11 it is submitted that DHFL is a company incorporated under the provisions of the Companies Act, 1956. Pursuant to the default by accused No. 11 in meeting various payment obligations, on 29/11/2019, a Petition bearing No.CP(IB)-4258/MB/2019 was filed before the Hon’ble National Company Law Tribunal, Mumbai (NCLT) on behalf of the Reserve Bank of India (RBI) as prescribed under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Provider and Application to Adjudicating Authority) Rules 2019 (FSP Rules), inter alia, to initiate Corporate Insolvency Resolution Process (CIRP) against Accused No. l1 under the IBC.

05. It is submitted that under the relevant provisions of the FSP Rules, the moratorium period (as set out u/s.14 of the Code) in respect of accused No. 11 is concerned, commenced from the date of the filing of the Petition by RBI i.e. on 29/11/2019. Accordingly for the purpose of conducting the CIRP, Mr. R. Subramaniakumar was appointed as an ‘Administrator’ to exercise the powers and functions of an Insolvency Professional/Interim Resolution Professional/Resolution Professional/ Liquidator for accused No.11. Prior to the filing of the Petition, on 20/11/2019, in exercise of the powers conferred under Section 45-IE (I) of the Reserve Bank of India Act, 1934, superseded the Board of Directors of Accused No.11 owing to governance concerns and defaults in meeting various payment obligations. Therefore, the erstwhile Directors including Accused Nos.9 and 10 are not on the Board of Accused No.11 w.e.f. 20/11/2019, and therefore, could not represent Accused No. 11. Therefore, Accused No. 11 was represented through the Administrator appointed by the RBI and confirmed by the Hon’ble NCLT.

06. It is submitted that on 22/11/2019, the RBI in exercise of its powers conferred under Section 45-IE, 5(a) of the RB Act, 1934, constituted a three-member Advisory Committee to assist the Administrator of accused No.11 in discharge of his duties and also to advise the Administrator in the operations of Accused No. 11 during the CIRP. Subsequently, vide its order dated 03/12/ 2019, the Hon’ble NCLT admitted the Petition and confirmed the appointment of the Administrator and ordered the commencement of the moratorium from the date of filing of the Petition by RBI i.e. 29/11/2019. On 05/03/2021, the said Administrator submitted a Resolution Plan for accused No.11 before the Hon’ble NCLT. Subsequently on 07/06/2021, the Hon’ble NCLT has passed an order approving the Resolution Plan submitted by the Administrator. As per Section 32A of the IBC, the liability of a corporate debtor for an offence committed prior to the commencement of the CIRP shall cease