TaxTMI 
TaxTMI 
2019 (2) TMI 1011
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....RAL) In the above captioned petitions, quashing of six complaints under Section 138 of Negotiable Instruments Act, 1881 and summoning order of 21st March, 2017 is sought on merits. Above captioned first petition pertains to dishonouring of two cheques of Rs. 90,00,000/- each and the above captioned second petition relates to dishonouring of six cheques of Rs. 95,00,000/- each, whereas the third petition pertains to dishonouring of three cheques of Rs. 95,00,000/- each, two cheques of Rs. 90,00,000/- each and one cheque of Rs. 85,00,000/-. The above captioned fourth petition relates to dishonouring of three cheques of Rs. 85,00,000/- each and the above captioned fifth petition relates to dishonouring of two cheques of Rs. 95,00,000/- each ....
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....ional Company Law Board is of 16th February, 2016. It is further submitted by learned senior counsel for petitioner that vide order of 26th September, 2016, Hon'ble Mr. Justice S.K. Aggarwal, Retired Judge of this Court has been appointed as an Administrator to manage petitioner's company and since there is a restraint order on withdrawal or transfer of funds, therefore, the proceedings arising out of the complaints in question cannot be permitted to continue. Thus, it is submitted that petitioner could not have issued the cheques in question in September, 2016. Reliance is placed upon Supreme Court's decision in 'Kusum Ingots & Alloys Ltd. Vs. Pennar Peterson Securities Ltd. & Ors.' (2000) 2 SCC 745 to submit that in view of the restraint....
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....y this Court, while invoking its extra ordinary inherent jurisdiction under Section 482 Cr.P.C. The embargo put by National Company Law Board vide its order of 16th February, 2016 and of the Appellate Tribunal is for the proper functioning of the accused-company and cannot be taken to be a bar to proceed under Section 138 of Negotiable Instruments Act, 1881 in these cases, as the restraint from making withdrawal or transfer of funds is conditional one. That is to say, prior permission of the National Company Law Board/Tribunal is to be obtained before the assets of the accused-company are to be diverted or transferred. In the considered opinion of this Court, the aforesaid embargo cannot be considered to be a bar to proceed under Section 1....