https://www.taxtmi.com/caselaws?id=308282 The court found that prosecution under Section 138 read with Section 141 of the Negotiable Instruments Act against the respondents could not continue due to the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code. The court held that the freezing of the corporate debtor's bank accounts during the moratorium absolved the respondents from liability, as they were not in control of the company's financial operations when the cheques were dishonored. The Revisional Court's decision to set aside the order of process issuance against the respondents was upheld, following precedent that prosecution under Section 138 cannot be maintained when bank accounts are frozen due to a moratorium. en-us Tue, 28 Feb 2023 00:00:00 +0530 Mon, 12 Jun 2023 21:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308282 The court found that prosecution under Section 138 read with Section 141 of the Negotiable Instruments Act against the respondents could not continue due to the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code. The court held that the freezing of the corporate debtor's bank accounts during the moratorium absolved the respondents from liability, as they were not in control of the company's financial operations when the cheques were dishonored. The Revisional Court's decision to set aside the order of process issuance against the respondents was upheld, following precedent that prosecution under Section 138 cannot be maintained when bank accounts are frozen due to a moratorium. Case-Laws Indian Laws Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308282