https://www.taxtmi.com/caselaws?id=767453 Section 138 prosecution for dishonour of cheque could not be maintained against a director where the insolvency moratorium had already commenced before the statutory cause of action matured, and the corporate debtor's management had vested in the interim resolution professional. The Court noted that liability under Section 138 is completed only after dishonour, service of demand notice, and failure to pay within fifteen days; on these facts, the appellant no longer controlled the company's affairs or bank accounts and could not comply with the notice. It also held that continuation of the complaint was unwarranted and the complaint and summoning order were liable to be quashed under Section 482 CrPC to prevent abuse of process. en-us Mon, 17 Mar 2025 00:00:00 +0530 Wed, 19 Mar 2025 06:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767453 Section 138 prosecution for dishonour of cheque could not be maintained against a director where the insolvency moratorium had already commenced before the statutory cause of action matured, and the corporate debtor's management had vested in the interim resolution professional. The Court noted that liability under Section 138 is completed only after dishonour, service of demand notice, and failure to pay within fifteen days; on these facts, the appellant no longer controlled the company's affairs or bank accounts and could not comply with the notice. It also held that continuation of the complaint was unwarranted and the complaint and summoning order were liable to be quashed under Section 482 CrPC to prevent abuse of process. Case-Laws Indian Laws Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767453