2018 (7) TMI 2047

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mber (Judicial) For Appellant: Mr. Sulabh Rewari and Ms. Neha Mathen, Advocates For Respondents: Mr. Yugal Kishore Prasad and Mr. Sunil Prem Lalla, Advocates. ORDER The Appellants filed complaint under Section 138 of the Negotiable Instrument Act, 1881 (for short 'NI Act') before the Metropolitan Magistrate 59th Court, Kurla, Mumbai. CC No.552/SS/2017 was filed prior to initiation of Corpo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppellant and sheer misuse of the process of law. 2. The question arises for consideration in this appeal is whether the order of moratorium will cover a criminal proceeding under Section 138 of NI Act, which provides punishment of imprisonment for a term which may extend to three years or with fine which may extend to twice the amount of cheque or with both? 3. The Company cannot be imprisoned....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncluding execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its pr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be." 5. Learned counsel appearing on behalf of the Res....