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A plain reading of Section 32A IBC reveals that once a resolution plan is approved under Section 31, the Corporate Debtor shall not be prosecuted for an offence committed prior to the commencement of the CIRP. However, this immunity does not extend to the erstwhile officers and persons responsible for the conduct of its business prior to CIRP.
An entire syndicate with established network and properly defined roles exists and operates at different levels, which, when taken into consideration in entirety, clearly indicates that the proceeds of crime are more than Rs. 1 Crore.
Special statutes have stringent conditions for grant of bail but they should not become means to detain the accused without there being any possibility of concluding the trial, expeditiously. Merely charging an accused person under the provisions of these special statutes should not become a punishment in itself which violates Article 21.
Both the applicants have been released once on interim bail and during that period no incident has been alleged by the respondent to have occurred wherein the applicants have tried to tamper with evidence or influence witnesses.