https://www.taxtmi.com/caselaws?id=210780 A scheme sanctioned under Section 391 of the Companies Act, 1956 binds the parties and restructures the civil debt, but it does not extinguish or automatically compound an already incurred offence under Section 138 read with Section 141 of the Negotiable Instruments Act, 1881. Compounding under the Negotiable Instruments Act remains a bilateral act requiring the complainant's consent; Section 147 makes the offence compoundable but does not permit deemed or unilateral compounding. In the absence of a special procedure, the basic framework under Section 320 of the Code of Criminal Procedure, 1973 continues to apply. The criminal complaints therefore survive notwithstanding the company scheme. en-us Wed, 01 Feb 2012 00:00:00 +0530 Fri, 04 Oct 2013 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210780 A scheme sanctioned under Section 391 of the Companies Act, 1956 binds the parties and restructures the civil debt, but it does not extinguish or automatically compound an already incurred offence under Section 138 read with Section 141 of the Negotiable Instruments Act, 1881. Compounding under the Negotiable Instruments Act remains a bilateral act requiring the complainant's consent; Section 147 makes the offence compoundable but does not permit deemed or unilateral compounding. In the absence of a special procedure, the basic framework under Section 320 of the Code of Criminal Procedure, 1973 continues to apply. The criminal complaints therefore survive notwithstanding the company scheme. Case-Laws Companies Law Wed, 01 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210780