Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The HC quashed the summoning order and allowed the petition. It held that after the commencement of CIRP proceedings against the accused company and appointment of IRP under IBC, the control and management vested with IRP. The dishonoured cheques were post moratorium, and the petitioners cannot be held vicariously liable u/s 138 of NI Act. Proceedings u/s 138 cannot continue against the corporate debtor once moratorium u/s 14 of IBC is in effect.
The HC quashed the summoning order and allowed the petition. It held that after the commencement of CIRP proceedings against the accused company and appointment of IRP under IBC, the control and management vested with IRP. The dishonoured cheques were post moratorium, and the petitioners cannot be held vicariously liable u/s 138 of NI Act. Proceedings u/s 138 cannot continue against the corporate debtor once moratorium u/s 14 of IBC is in effect.
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