TMI BlogInsertion of new section 32A-Liability for prior offences etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... 32A. (1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to requirements of this sub-section having been fulfilled: Provided further that every person who was a designated partner as defined in clause (j) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), or an officer who is in default , as defined in clause (60) of section 2 of the Companies Act, 2013 (18 of 2013), or was in any manner incharge of, or responsible to the cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the change in control of the corporate debtor to a person, or sale of liquidation assets under the provisions of Chapter III of Part II of this Code to a person, who was not- ( i ) a promoter or in the management or control of the corporate debtor or a related party of such a person; or ( ii ) a person with regard to whom the relevant investigating authority has, on the basis of material i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he requirements specified in this section, against whom such an action may be taken under such law as may be applicable. (3) Subject to the provisions contained in sub-sections (1) and (2), and notwithstanding the immunity given in this section, the corporate debtor and any person who may be required to provide assistance under such law as may be applicable to such corporate debtor or person, s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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