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UDAY UMESH LALIT, S.RAVINDRA BHAT
Nag Leathers Pvt. Ltd. – Appellant
Versus
Dynamic Marketing Partnership, Rep. By Its Partners – Respondent
ORDER :
1. Leave granted.
2. This appeal challenges the judgment and order dated 02.04.2019 passed by the High Court of Judicature at Madras in Crl. O.P. No.8869 of 2018.
3. The appellant preferred aforestated Criminal Original Petition under Section 482 of the Code of Criminal Procedure, 1973 (“the Code” for short) seeking quashing of pending proceedings initiated by the respondents herein under Section 138 of the Negotiable Instruments Act, 1881 (“the Act” for short) on the ground that the debt in question was not enforceable and was only in the nature of a security. The challenge having been negated, the instant appeal has been filed in this Court.
4. On 25.10.2019, following submission advanced on behalf of the appellant was noted by this Court whereafter notice was issued in the matter:
Moratorium provisions under the Insolvency and Bankruptcy Code, 2016 apply only to the corporate debtor and not to natural persons mentioned in Section 141 of the Negotiable Instruments Act, 1881.
The main legal point established in the judgment is that the moratorium issued by the NCLT also covers criminal proceedings initiated under Section 138 of the Negotiable Instruments Act.
The central legal point established in the judgment is the impact of insolvency proceedings and the moratorium provision contained in Section 14 IBC on proceedings under Section 138/141 of the Negoti....
The moratorium under the Insolvency and Bankruptcy Code does not protect individuals who are directors or guarantors of a corporate debtor from criminal proceedings under the Negotiable Instruments A....
The nature of proceedings under the IBC and Section 138 of the NI Act are different and would not intercede with each other. The proceedings under Section 138 of the NI Act are criminal in nature and....
The nature of proceedings under the IBC and the NI Act is different, and the criminal prosecution under Section 138 of the NI Act would not stand terminated by the operation of the provisions of the ....
The nature of proceedings under the Insolvency and Bankruptcy Code, 2016 and the Negotiable Instruments Act, 1881 are different, and the criminal prosecution under the NI Act is not terminated by the....
The proceedings under the IBC and the proceedings under Section 138 of the NI Act are of different nature and purpose, and the criminal prosecution under Section 138 of the NI Act would not stand ter....
The moratorium under Section 14 of the IBC prohibits proceedings against the corporate debtor, including prosecution of natural persons associated with the company under Section 138 of the NI Act dur....
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