https://www.taxtmi.com/caselaws?id=792529 Section 138 of the Negotiable Instruments Act is examined as raising distinct criminal and compensatory facets, including whether such proceedings are prosecution or recovery actions and whether the moratorium under Part III of the Insolvency and Bankruptcy Code extends to them. The analysis also addresses directors' vicarious liability under Section 141 and whether personal insolvency or bankruptcy shields them from compensatory recovery. After considering the statutory scheme, including Sections 96, 101, 124 and 128 of the Code, the questions were found to require reconsideration by a larger Bench. The appeals were therefore directed to be placed before the Chief Justice of India for constitution of an appropriate three-Judge Bench. en-us Wed, 27 May 2026 00:00:00 +0530 Sat, 30 May 2026 08:29:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792529 Section 138 of the Negotiable Instruments Act is examined as raising distinct criminal and compensatory facets, including whether such proceedings are prosecution or recovery actions and whether the moratorium under Part III of the Insolvency and Bankruptcy Code extends to them. The analysis also addresses directors' vicarious liability under Section 141 and whether personal insolvency or bankruptcy shields them from compensatory recovery. After considering the statutory scheme, including Sections 96, 101, 124 and 128 of the Code, the questions were found to require reconsideration by a larger Bench. The appeals were therefore directed to be placed before the Chief Justice of India for constitution of an appropriate three-Judge Bench. Case-Laws Indian Laws Wed, 27 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792529