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1 - 10 of 14 (0.25 seconds)Section 14 in The Negotiable Instruments Act, 1881 [Entire Act]
Section 31 in The Negotiable Instruments Act, 1881 [Entire Act]
Section 141 in The Negotiable Instruments Act, 1881 [Entire Act]
The Negotiable Instruments Act, 1881
Section 2 in The Companies Act, 2013 [Entire Act]
Ajay Kumar Radheyshyam Goenka vs Tourism Finance Corporation Of India ... on 15 March, 2023
"85. Thus, the upshot of all the decisions referred to above is
where the proceedings under Section 138 of the NI Act had
already commenced with the Magistrate taking cognizance
upon the complaint and during the pendency, the company gets
dissolved, the signatories/directors cannot escape from their
penal liability under Section 138 of the NI Act by citing its
dissolution. What is dissolved, is only the company, not the
personal penal liability of the accused covered under Section
141 of the NI Act.
P. Mohanraj vs M/S. Shah Brothers Ispat Pvt. Ltd. on 1 March, 2021
In P. Mohanraj and others (Supra) the Supreme Court in
para no. 102 of the decision held as under:-
Section 482 in The Code of Criminal Procedure, 1973 [Entire Act]
Aneeta Hada vs M/S Godfather Travels & Tours Pvt.Ltd on 27 April, 2012
102. Since the corporate debtor would be covered by the
moratorium provision contained in Section 14 IBC, by which
continuation of Sections 138/141 proceedings against the
corporate debtor and initiation of Sections 138/141
proceedings against the said debtor during the corporate
insolvency resolution process are interdicted, what is stated in
paras 51 and 59 in Aneeta Hada [Aneeta Hada v. Godfather
Travels & Tours (P) Ltd., (2012) 5 SCC 661 : (2012) 3 SCC
(Civ) 350 : (2012) 3 SCC (Cri) 241] would then become
applicable. The legal impediment contained in Section 14 IBC
would make it impossible for such proceeding to continue or be
14 apl-1478-23j.odt
instituted against the corporate debtor. Thus, for the period of
moratorium, since no Sections 138/141 proceeding can
continue or be initiated against the corporate debtor because of
a statutory bar, such proceedings can be initiated or continued
against the persons mentioned in Sections 141(1) and (2) of
the Negotiable Instruments Act. This being the case, it is clear
that the moratorium provision contained in Section 14 IBC
would apply only to the corporate debtor, the natural persons
mentioned in Section 141 continuing to be statutorily liable
under Chapter XVII of the Negotiable Instruments Act.