TMI Blog2020 (7) TMI 416X X X X Extracts X X X X X X X X Extracts X X X X ..... ion the police may take, will ultimately lead to an investigation as to the transactions of the company, which are the subject matter of the CIRP. Therefore, although agreeing with the principle that a moratorium under section 14 might not, in certain circumstances, directly stop a criminal proceeding from going on, however, in the present case, as is evident from the affidavit-in-opposition of the police, the police has done its level best up to the time when the moratorium started operating, and the order in connection with the CIRP was passed - Since any action of the police will have to be based on investigation on the subject matter of the transaction, which is directly within the purview of the CIRP, it is to be deemed that the pol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration the principle of law as laid down in the cited judgment, although a moratorium under Section14 may directly not affect a criminal proceeding, the same covers all aspects and components of the loans and transactions made in respect of the company, which is the subject matter of the CIRP and consequential proceedings. 5. In the instant case, it is evident from the affidavit-in-opposition filed by the police that a notice under section 41A of the Criminal Procedure Code was served on the respondent and already, subsequent to registration of a First Information Report, a police case was started, bearing Shakespeare Sarani Police Station Case No. 97 dated June 4, 2019, under sections 120(b)/420/406/24 of the Indian Penal Code. 6. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g on, however, in the present case, as is evident from the affidavit-in-opposition of the police, the police has done its level best up to the time when the moratorium started operating, and the order in connection with the CIRP was passed. 12. Since any action of the police will have to be based on investigation on the subject matter of the transaction, which is directly within the purview of the CIRP, it is to be deemed that the police cannot take further steps in the matter unless and until the CIRP culminates, in a resolution or otherwise. 13. In such view of the matter, the allegation, that the police are not taking sufficient steps on the complaint of the petitioners, cannot be accepted by this court. 14. Accordingly, W.P. 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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