https://www.taxtmi.com/caselaws?id=754709 The Bombay HC allowed an application to quash a complaint under Section 138 of the Negotiable Instruments Act filed against directors. The court held that Section 14 of the Insolvency and Bankruptcy Code provides protection only to corporate debtors, not natural persons, so directors cannot claim exemption from criminal liability during insolvency proceedings. However, the complaint was quashed as it failed to establish the directors' knowledge of cheque issuance as required under Section 141 of the NI Act. The directors had not signed the dishonoured cheques, statutory notices were not sent to them, and their specific roles were not specified in the complaint. en-us Fri, 21 Jun 2024 00:00:00 +0530 Fri, 28 Jun 2024 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754709 The Bombay HC allowed an application to quash a complaint under Section 138 of the Negotiable Instruments Act filed against directors. The court held that Section 14 of the Insolvency and Bankruptcy Code provides protection only to corporate debtors, not natural persons, so directors cannot claim exemption from criminal liability during insolvency proceedings. However, the complaint was quashed as it failed to establish the directors' knowledge of cheque issuance as required under Section 141 of the NI Act. The directors had not signed the dishonoured cheques, statutory notices were not sent to them, and their specific roles were not specified in the complaint. Case-Laws Indian Laws Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754709