The case involves a criminal miscellaneous jurisdiction in the High Court of Orissa, Cuttack. The petitioners filed an application under Section 482 of the Code of Criminal Procedure 1973, seeking to quash Complaint Petition No. 2 (CC) Case No. 14/2019. This complaint was filed under Sections 74(3), 236, and 235A of the Insolvency and Bankruptcy Code, 2016, read with Sections 190, 193, and 200 of the Code of Criminal Procedure, 1973. The complaint was pending before the Court of Ld. District and Sessions Judge, and pertained to an order of cognizance taken in the said case dated 06.06.2019.
Liberty House Group PTE. LTD., a company incorporated under the laws of Singapore, was the successful resolution applicant for the Corporate Insolvency Resolution Process of Adhunik Metaliks Limited and its sister concern, Zion Steel Ltd. The Resolution Plan for Liberty House Group was approved by the NCLT on 2018-07-17, and they deposited Rs. 50 Crores. A complaint was filed alleging breach of the payment of the upfront amount within the stipulated time, leading to criminal prosecution under Section 74(3) of the Insolvency and Bankruptcy Code, 2016. The petitioners challenged the cognizance order, arguing that non-compliance was due to the failure of other stakeholders to meet a condition precedent for payment. The Opposite Party-Board contested this, emphasizing the
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The Resolution Plan for…
Order of cognizance passed by the learned…
The case involves a criminal miscellaneous jurisdiction in the High Court of Orissa, Cuttack. The petitioners filed an application under Section 482 of the Code of Criminal Procedure 1973, seeking to quash Complaint Petition No. 2 (CC) Case No. 14/2019. This complaint was filed under Sections 74(3), 236, and 235A of the Insolvency and Bankruptcy Code, 2016, read with Sections 190, 193, and 200 of the Code of Criminal Procedure, 1973. The complaint was pending before the Court of Ld. District and Sessions Judge, and pertained to an order of cognizance taken in the said case dated 06.06.2019.
Liberty House Group PTE. LTD., a company incorporated under the laws of Singapore, was the successful resolution applicant for the Corporate Insolvency Resolution Process of Adhunik Metaliks Limited and its sister concern, Zion Steel Ltd. The Resolution Plan for Liberty House Group was approved by the NCLT on 2018-07-17, and they deposited Rs. 50 Crores. A complaint was filed alleging breach of the payment of the upfront amount within the stipulated time, leading to criminal prosecution under Section 74(3) of the Insolvency and Bankruptcy Code, 2016. The petitioners challenged the cognizance order, arguing that non-compliance was due to the failure of other stakeholders to meet a condition precedent for payment. The Opposite Party-Board contested this, emphasizing the
…The Resolution Plan for…
Order of cognizance passed by the learned…