https://www.taxtmi.com/caselaws?id=409392 The High Court of Gujarat held that the moratorium under Section 14 of the Insolvency and Bankruptcy Code prohibits criminal proceedings under Section 138 of the Negotiable Instruments Act against the corporate debtor. However, individuals responsible for the company's conduct may still be held liable. The Court emphasized the need to preserve the corporate debtor's assets for successful insolvency resolution and clarified the vicarious liability of individuals under Section 141 of the NI Act. The petitions challenging the orders were dismissed, ruling in favor of restricting criminal proceedings during the moratorium period. en-us Thu, 01 Jul 2021 00:00:00 +0530 Tue, 06 Jul 2021 09:46:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409392 The High Court of Gujarat held that the moratorium under Section 14 of the Insolvency and Bankruptcy Code prohibits criminal proceedings under Section 138 of the Negotiable Instruments Act against the corporate debtor. However, individuals responsible for the company's conduct may still be held liable. The Court emphasized the need to preserve the corporate debtor's assets for successful insolvency resolution and clarified the vicarious liability of individuals under Section 141 of the NI Act. The petitions challenging the orders were dismissed, ruling in favor of restricting criminal proceedings during the moratorium period. Case-Laws Indian Laws Thu, 01 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409392