Lawstreet Journal

Inherent Powers of High Court Under Section 482 CrPC Cannot Go Against Statutory Provisions: SC [READ JUDGMENT]

Lawstreet Journal 24 Apr 2021 11:14pm

Image courtesy: Lawstreet Journal Judiciary Inherent Powers of High Court Under Section 482 CrPC Cannot Go Against Statutory Provisions: SC [READ JUDGMENT]

The Supreme Court while hearing a criminal appeal from Guwahati High Court (Sandeep Khaitan v. JSVM Plywood Industries Ltd.) observed that the powers of High Courts under Section 482 (Saving of inherent powers of High Court) of the Code of Criminal Procedure, 1973 cannot be used to ‘overlook the undermining of a statutory dictate’.

The appeal was heard by a bench comprising of Justices U. U. Lalit and K.M. Joseph.

The appeal was against an order of the Guwahati High Court which allowed the respondent company to operate its bank account maintained with the ICICI Bank Bhubaneswar and to unfreeze the bank account of its creditors over which the lien has been created. 

The appellant is an Interim Resolution Professional duly appointed to oversee the resolution activities of the corporate debtor, National Plywood Industries Ltd., under the Insolvency and Bankruptcy Code, 2016.  At the initiation of the resolution processes, a moratorium was applied to all outstanding debts of the corporate debtor.

It was alleged by the appellant that the former Managing director of the corporate debtor in connivance with the respondent company, which is one of the operational creditors, transferred to the latter Rs. 32 Lakhs. This transfer is illegal as it was not authorised by the appellant.

When the transfer came to his notice, the appellant filed an FIR against the respondent and the Managing Director of the corporate debtor. Also, ICICI Bank Bhubaneswar has placed a lien on the bank account of the respondent company.

Additional proceedings were started in National Company Law Tribunal,… Continue Reading...

Tagged: Supreme Court of India  
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