Corporate Debtor not liable for offences prior to commencement of CIRP: NCLT Mumbai

Praful Nanji Satra Vs Vaishali Arun Patrikar (NCLT Mumbai) NCLT Mumbai held that as per section 32A of the Insolvency Bankruptcy Code, 2016, the Corporate Debtor shall not be held liable for offences prior to the commencement of Corporate Insolvency Resolution Process (CIRP). Facts- The Applicant has filed the present Application seeking intervention in the Plan approval application seeking approval of Resolution Plan submitted by a consortium of MJ Shah Enterprises, MJ Shah Realtors LLP and Centrio Lifespaces Limited (Formerly known as Satra Realty and Builders Limited) (collectively hereinaf...