https://www.taxtmi.com/caselaws?id=785192 Complaint proceedings under Section 138 of the Negotiable Instruments Act could not be maintained against erstwhile directors where insolvency proceedings had commenced before expiry of the statutory notice period, the moratorium had come into force, and control of the corporate debtor had vested in the interim resolution professional. With the board suspended and the petitioners having no control over the company's affairs or bank accounts, they could not ensure payment of the cheque amount. The complaint was therefore held unsustainable against them, and the summoning order and connected proceedings were quashed. en-us Thu, 15 Jan 2026 00:00:00 +0530 Tue, 20 Jan 2026 06:31:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785192 Complaint proceedings under Section 138 of the Negotiable Instruments Act could not be maintained against erstwhile directors where insolvency proceedings had commenced before expiry of the statutory notice period, the moratorium had come into force, and control of the corporate debtor had vested in the interim resolution professional. With the board suspended and the petitioners having no control over the company's affairs or bank accounts, they could not ensure payment of the cheque amount. The complaint was therefore held unsustainable against them, and the summoning order and connected proceedings were quashed. Case-Laws Indian Laws Thu, 15 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785192