Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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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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