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SC allowed the appeal, set aside the impugned judgments of the High Court and the revisional court, and restored the criminal proceedings under Section 138 read with Section 141 of the Negotiable Instruments Act to the learned Magistrate. The Court held that SICA Section 22 does not per se bar prosecution under Section 138; where a Section 22A restraint operates, its effect is factual and depends on whether the restraint prevents disbursements for day-to-day operations. On the facts, the restraint did not preclude issuance of the cheques to discharge liabilities for supplies, and the revisional court erred in recalling processes; factual issues, including rebuttal of statutory presumptions as to cheque issuance, remain for trial.
SC allowed the appeal, set aside the impugned judgments of the High Court and the revisional court, and restored the criminal proceedings under Section 138 read with Section 141 of the Negotiable Instruments Act to the learned Magistrate. The Court held that SICA Section 22 does not per se bar prosecution under Section 138; where a Section 22A restraint operates, its effect is factual and depends on whether the restraint prevents disbursements for day-to-day operations. On the facts, the restraint did not preclude issuance of the cheques to discharge liabilities for supplies, and the revisional court erred in recalling processes; factual issues, including rebuttal of statutory presumptions as to cheque issuance, remain for trial.
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TaxTMI 
TaxTMI 
of 4916 
