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? – Dewan Housing Finance Corporation Ltd. Vs. Union of India – Bombay High Court
Hon’ble High Court, on question whether Section 32A(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?, held that immunities under 32A of IBC cannot be denied to Corporate Debtor since the immunities sought by the Corporate Debtor though conditional; yet all these conditions have been fulfilled and satisfied; viz
(i) Resolution Plan in regard to Corporate Debtor has been approved by the Adjudicating Authority under Section 31 IBC.
(ii) Resolution Plan approved caused and resulted in change in management of Corporate Debtor.
(iii) change in management is in favour of persons who were not related to party of Corporate Debtor.
On question, 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?, the Court held that the application preferred by the successful resolution person, was not pre-matured.
