https://www.taxtmi.com/caselaws?id=763650 The court quashed the summoning order and all related proceedings under Section 138 of the NI Act against the petitioners, who were a suspended director and an Authorized Signatory of the company. The court held that due to the moratorium under Section 14 of the IBC, the petitioners could not be held liable for the dishonored cheques as they had no control over the company's affairs following the appointment of the Interim Resolution Professional (IRP). The authority to manage the company's bank accounts was vested in the IRP, absolving the petitioners of vicarious liability. en-us Tue, 17 Dec 2024 00:00:00 +0530 Tue, 24 Dec 2024 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763650 The court quashed the summoning order and all related proceedings under Section 138 of the NI Act against the petitioners, who were a suspended director and an Authorized Signatory of the company. The court held that due to the moratorium under Section 14 of the IBC, the petitioners could not be held liable for the dishonored cheques as they had no control over the company's affairs following the appointment of the Interim Resolution Professional (IRP). The authority to manage the company's bank accounts was vested in the IRP, absolving the petitioners of vicarious liability. Case-Laws Indian Laws Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763650