https://www.taxtmi.com/caselaws?id=103702 The court dismissed the application seeking a stay of proceedings under section 446 of the Companies Act, 1956 in a case involving dishonored cheques and the liability of a company under liquidation. It held that criminal proceedings under section 138 of the Negotiable Instruments Act against the accused and the company under liquidation do not fall within the scope of section 446, which aims to protect company assets during liquidation. The judgment emphasized that section 138 establishes personal criminal liability for dishonored cheques, distinct from civil liability against company assets, and concluded that the special provisions of section 138 override the general provisions of section 446. en-us Thu, 25 Jun 1998 00:00:00 +0530 Fri, 24 Feb 2012 13:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103702 The court dismissed the application seeking a stay of proceedings under section 446 of the Companies Act, 1956 in a case involving dishonored cheques and the liability of a company under liquidation. It held that criminal proceedings under section 138 of the Negotiable Instruments Act against the accused and the company under liquidation do not fall within the scope of section 446, which aims to protect company assets during liquidation. The judgment emphasized that section 138 establishes personal criminal liability for dishonored cheques, distinct from civil liability against company assets, and concluded that the special provisions of section 138 override the general provisions of section 446. Case-Laws Companies Law Thu, 25 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103702