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2021 (11) TMI 615 - HC - Insolvency and BankruptcyJurisdiction under Section 32A of the Insolvency and Bankruptcy Code, 2016 - seeking rejection to discharge Dewan Housing Finance Corporation Limited-Corporate Debtor, from the CBI Special Case - Whether Section 32(1)(a) of IBC lays down a direction that, Corporate Debtor, would be absolved of all criminal offences committed prior to commencement of CRIP, from the date of approval of Resolution Plan, although, appeals against Section 31 order of the IBC were pending before the NCLAT? - Article 227 of the Constitution of India read with Section 482 of the Criminal Procedure Code. HELD THAT:- It may be stated that, the subsequent events were placed on record vide purshis dated 12th October, 2021 and thereafter intervenor had filed a reply Affidavit, dated 20th October, 2021 and dealt with subsequent events extensively. As such, it is not deemed appropriate to keep the subsequent events out of consideration and relegate the parties to the trial Court for reconsideration - subsequent events indisputably caused change in management and control of Corporate Debtor. The immunities under 32A of IBC, cannot be denied to Corporate Debtor - the petitioner-DHFL, stands discharged from the CBI Special Case pending before the CBI Cases Sessions Court, Mumbai. Whether successful resolution applicant was eligible to invoke Section 32A of IBC, when appeals against the order of the Adjudicating Authority, were pending before NCLAT? - HELD THAT:- Although Section 32 provides for appeal against an order approving the Resolution Plan, yet, mere filing of appeal would by itself not operate as a stay, until a specific prayer in this regard is made and orders thereon are passed, as held in the case of MADAN KUMAR SINGH (D) THR. LR. VERSUS DISTT. MAGISTRATE, SULTANPUR & ORS [2009 (8) TMI 1140 - SUPREME COURT]. Infact, herein appeals were filed with a specific prayer to grant stay to the Section 31 order. However, the NCLAT by reasoned order, declined to stay the order. Thus, the application preferred by the successful resolution person, was not pre-matured. The point is answered accordingly. The application of Dewan Housing Finance Corporation Limited moved under Section 32A of the Insolvency and Bankruptcy Code, 2016 is granted - petition disposed off.
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