Calcutta High Court (Appellete Side)
Prity Tubes Private Limited & Ors vs Unknown on 4 March, 2021
Author: Subhasis Dasgupta
Bench: Subhasis Dasgupta
04.03.2021 Item no.28 Ct. No.42 CHC C.R.R. No.634 of 2021 (Physical Hearing) In Re:- A petition under Sections 397/401 read with Section 482 of the Code of Criminal Procedure, 1973.
In the matter of:-
Prity Tubes Private Limited & ors.
.....petitioners Mr. Sabyasachi Banerjee, Mr. Rachit Lakhmani, Mr. Lokesh Sharma, Mr. Rama Kant Sharma ....for the petitioners This is for quashing of proceedings in connection with Hare Street Police Station Case No.35 of 2019 dated 4th February, 2019, giving rise to G.R. Case No.155 of 2019 under Sections 406/420 read with Section 120B of the Indian Penal Code, now pending before learned Chief Metropolitan Magistrate, Calcutta. Mr. Banerjee, learned advocate representing the petitioners at the threshold of this case submits that though the investigation of this case has proceeded to a considerable extent but in view of the prohibition contained in Section 17B of the Insolvency and Bankruptcy Code. 2016, the further continuance of the pending proceeding would be an abuse of the process of the Court. Adverting to order dated 12th November, 2018, Mr. Banerjee submits that the de facto complainant/company has already gone 2 into insolvency and the de facto complainant/company having suffered insolvency institution of the FIR by the de facto complainant/company on 4th February, 2019 against the petitioners is absolutely illegal on the ground that as soon as a company is gone into liquidation the powers of the Board of Directors or the Partners of the corporate debtor shall stand suspended and same shall be exercised by the interim resolution provisional in view of the provisions contained in Section 17(2) of the Insolvency and Bankruptcy Code, 2016. Having considered the submission of Mr. Banerjee and bearing in mind the apparent prohibition contained in the Act referred above, intervention is felt necessary granting interim stay of the impugned proceeding pending in the court below at least for a limited period of time.
Petitioners are directed to serve copy of this application upon the opposite party no.1/State through the office of learned Public Prosecutor and upon the opposite party no.2 by speed post with acknowledgement due and to furnish affidavit-of-service on the next date of hearing.
The impugned proceeding be stayed for six weeks from hence. Matter to appear in the list under the heading "Contested Application" five weeks after.
(Subhasis Dasgupta, J.)