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2020 (2) TMI 1498 - HC - Insolvency and BankruptcyCommission of offence under Section 74(3) of the Code - petitioners have challenged the same on the ground that non-compliance on their part was not due to their fault but, for non-compliance of the condition precedent for payment of the upfront amount by the other stakeholders - HELD THAT:- Without expressing any opinion with regard to the exercise of power under Section 482 of Cr.P.C. on merit and as it is stated that the Opposite Party-Board has already been approached for withdrawal of the prosecution, it is observed that the Opposite Party-Board may take a decision on the application of the petitioners for withdrawal of the prosecution in the changed circumstances within three weeks’ hence but, the same should not be construed as an expression of any opinion by this Court or mandate to the Board for withdrawal of the prosecution. It is left open to the wisdom of the complainant to take a decision as they deem fit and proper on the prayer made by the petitioners. Liberty is also given to the petitioners to approach this Court under Section 482 of Cr.P.C., if they are so advised, seeking quashment of the proceeding on merit as this Court has not decided the petition under Section 482 of Cr.P.C. for quashment after the decision of the Board - Application disposed off.
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