IBBI moves SC with plea to start criminal proceedings against Liberty House

The Supreme Court, while agreeing to hear the IBBI, said there would be no persecution of Liberty House group for now

The Supreme Court has agreed to hear on Tuesday a plea moved by the Insolvency and Bankruptcy Board of India (IBBI) in which the insolvency regulator has sought go-ahead to initiate criminal proceedings against Liberty House Group for failing to go through with its resolution plan for Amtek Auto.

The apex court, while agreeing to hear the IBBI, said there would be no persecution of Liberty House group for now. The IBBI has approached the SC against the National Company Law Appellate Tribunal’s (NCLAT’s) order. The appellate tribunal had said the regulator needed permission from the National Company Law Tribunal (NCLT)