Section 32A of the IBC represents a regressive step in the evolution of corporate criminal liability in India.

The decision clarifies that even if there is an assumption that the award is beyond what was intended in the agreement, it would not invalidate the enforceability of the award passed by the tribunal on the ground of public policy exception.

Codifying project-wise CIRP and strengthening buyer-side safeguards will be crucial to realize the judgment’s protective intent.