Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019

 

The liability of a corporate debtor for an offence committed before 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 Adjudicating Authority if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not:

  • A promoter or in the management or control of the corporate debtor or a related party of such a person; or
  • A person concerning whom the relevant investigating authority has, based on material in its possession, the reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s