Gangakhed Sugar And Energy Ltd. vs Central Bureau Of Investigation & Ors.

ik-138152923 Delhi High Court 23 December 2024 • 48 min read

Judges (1)

Chandra Dhari Singh Delivered

Counsel (9)

Honey Satpal Counsel Petitioner Krishan Kumar Counsel Petitioner Mishika Pandita Counsel Respondent Mohd. Changez Ali Khan Counsel Respondent Mohit Mathur Counsel Petitioner Rajesh Kumar Counsel Respondent Samir Malik Counsel Petitioner Sarfaraz Khan Counsel Respondent Varun Kalra Counsel Petitioner

Parties (2)

Central Bureau of Investigation Respondent Gangakhed Sugar And Energy Ltd Petitioner

Case Significance

Gangakhed Sugar And Energy Ltd. vs Central Bureau Of Investigation & Ors. is a Delhi High Court decision dated December 23, 2024 (citation: ik-138152923). Gangakhed Sugar and Energy Ltd, a corporate debtor undergoing resolution under the Insolvency and Bankruptcy Code, sought quashing of a CBI FIR registered under Section 120B/420 IPC and the Prevention of Corruption Act for alleged fraud involving its erstwhile directors. The court applied Section 32A of the IBC which provides immunity to corporate debtors post-resolution from criminal prosecution for offences committed prior to the commencement of CIRP. The FIR and consequential proceedings w The case was heard by Justice Chandra Dhari Singh.

Summary

Gangakhed Sugar and Energy Ltd, a corporate debtor undergoing resolution under the Insolvency and Bankruptcy Code, sought quashing of a CBI FIR registered under Section 120B/420 IPC and the Prevention of Corruption Act for alleged fraud involving its erstwhile directors. The court applied Section 32A of the IBC which provides immunity to corporate debtors post-resolution from criminal prosecution for offences committed prior to the commencement of CIRP. The FIR and consequential proceedings were quashed with respect to the corporate debtor only, while proceedings against the erstwhile directors were allowed to continue.

What was the outcome of Gangakhed Sugar And Energy Ltd. vs Central Bureau Of Investigation & Ors.?

Gangakhed Sugar and Energy Ltd, a corporate debtor undergoing resolution under the Insolvency and Bankruptcy Code, sought quashing of a CBI FIR registered under Section 120B/420 IPC and the Prevention...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-138152923)