TATA STEEL BSL LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) The petitioner has filed the present petition impugning an order dated 16.08.2019 in CC No. 770/2019 captioned 'Serious Fraud Investigation Office v. Bhushan Steel Limited', whereby the Trial Court had taken cognizance of the offences punishable under the Companies Act, 2013; offences punishable under the Companies Act, 1956 and; certain offences under the Indian Penal Code, 1860. The petitioner also impugns the summons dated 21.08.2019, issued by the learned ASJ to the petitioner. The petitioner also prays that the compliant bearing CC No. 770/2019 filed by the Serious Fraud Investigation Office, be quashed.

(2.) It is stated in terms of the Insolvency and Bankruptcy Code, 2016 (hereafter the 'IBC'), a financial creditor of the petitioner (then known as 'Bhushan Steel Limited') had initiated the Corporate Insolvency Resolution Process (CIRP) by filing a petition before the National Company Law Tribunal (NCLT). The said petition was admitted on 26.07.2017. Thereafter, Tata Steel Limited had submitted a Resolution Plan with respect to the petitioner (then known as 'Bhushan Steel Limited'), which was approved by the Committee of Creditors on 20.03.2018 and by Adjudicating Authority (NCLT) on 15.05.2018. The said order dated 15.05.2018 was impugned before the National Company Law Appellate Tribunal (NCLAT) in Company Appeal (AT) (Insolvency) No. 221/2018 and connected matters. The same was dismissed by NCLAT on 10.08.2018. Thereafter, 72.65% of the petitioner's equity capital was acquired by Tata Steel Limited.

(3.) In terms of the Resolution Plan, the management of the petitioner company has been taken over by new promoters, who are not connected with the previous management.