https://www.taxtmi.com/caselaws?id=103872 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 applies to winding up, execution, distress and similar steps against a sick industrial company's property, not to criminal prosecution under section 138 of the Negotiable Instruments Act, 1881. Dishonour of cheques for insufficiency of funds, excess arrangement, or stoppage of payment attracts penal liability, and a prior intimation not to present the cheque does not avoid that liability unless it gives detailed, legally tenable reasons showing inability to honour the cheque despite arrangements. A director may also be proceeded against under section 141 where the company acts through its human agency. en-us Fri, 04 Jul 1997 00:00:00 +0530 Fri, 24 Feb 2012 18:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103872 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 applies to winding up, execution, distress and similar steps against a sick industrial company's property, not to criminal prosecution under section 138 of the Negotiable Instruments Act, 1881. Dishonour of cheques for insufficiency of funds, excess arrangement, or stoppage of payment attracts penal liability, and a prior intimation not to present the cheque does not avoid that liability unless it gives detailed, legally tenable reasons showing inability to honour the cheque despite arrangements. A director may also be proceeded against under section 141 where the company acts through its human agency. Case-Laws Companies Law Fri, 04 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103872