https://www.taxtmi.com/caselaws?id=458209 The HC dismissed a criminal petition filed by directors seeking suspension of sentence and stay of proceedings in a dishonour of cheque case under Section 138/141 of NI Act. The petitioners, who were convicted, filed individual debtor applications under Section 94 of IBC seeking moratorium protection. The court held that while corporate debtors under IBC may get moratorium protection from Section 138 proceedings per SC precedent, individual directors cannot claim such protection through personal insolvency applications. The moratorium under Chapter III of IBC for individuals does not extend to proceedings against them as directors or guarantors of companies not undergoing corporate insolvency resolution. en-us Thu, 07 Dec 2023 00:00:00 +0530 Tue, 15 Oct 2024 20:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458209 The HC dismissed a criminal petition filed by directors seeking suspension of sentence and stay of proceedings in a dishonour of cheque case under Section 138/141 of NI Act. The petitioners, who were convicted, filed individual debtor applications under Section 94 of IBC seeking moratorium protection. The court held that while corporate debtors under IBC may get moratorium protection from Section 138 proceedings per SC precedent, individual directors cannot claim such protection through personal insolvency applications. The moratorium under Chapter III of IBC for individuals does not extend to proceedings against them as directors or guarantors of companies not undergoing corporate insolvency resolution. Case-Laws Indian Laws Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458209