The Delhi High Court has ruled that pendency of corporate insolvency resolution process (CIRP) proceedings under the Insolvency and Bankruptcy Code (IBC) cannot be invoked by an investigated person to seek production of documents from the Central Bureau of Investigation (CBI) during the course of investigation.
The observation was made by the Delhi High Court while dismissing a petition filed by Shantanu Prakash, a former director of Educomp Infrastructure and School Management Limited (Educomp).
The facts preceding this petition regard an investigation conducted by the CBI in connection with alleged financial irregularities involving loans disbursed by a consortium of banks – including Axis Bank, Yes Bank,…