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High Court of Gujarat Quashes Charges Against Diamond Power Infrastructure Limited in PMLA Cases

Diamond Power Infrastructure Limited has received a final order from the Hon’ble High Court of Gujarat in Criminal Revision application No. 689,690,692 of 2023. The cases filed against the Corporate Debtor Company under the various provisions of the Prevention of Money Laundering Act (PMLA) were disposed of in favor of the Company. The High Court observed that the Corporate Debtor, being a legal entity, is entitled to get the necessary protection and immunity provided under the principle of CLEAN SLATE. The Court also observed that once the resolution plan is approved under the provisions of Insolvency Bankruptcy Laws, the legal entity should not be dragged into past offenses and affairs of the old management. All charges and allegations filed by the authorities against the Corporate Debtor have been quashed and set aside.

• High Court of Gujarat disposes of cases filed against Diamond Power Infrastructure Limited under PMLA in favor of the company.
• Court observes that Corporate Debtor is entitled to protection and immunity under the principle of CLEAN SLATE.
• Court states that legal entity should not be dragged into past offenses and affairs of old management after resolution plan approval.
• All charges and allegations filed by authorities against Diamond Power Infrastructure Limited have been quashed and set aside.
• Order from Hon’ble High Court of Gujarat received in Criminal Revision application No. 689,690,692 of 2023.