IB moratorium does not bar Section 138/141 NI Act proceedings; personal criminal liability survives unless extinguished by Section 31/32A plan

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....The HC held that an interim moratorium under the IB Code does not bar continuation or initiation of proceedings under Sections 138/141 of the NI Act against natural persons responsible for the corporate debtor; personal criminal liability survives insolvency processes unless expressly extinguished by a resolution plan under Section 31 with change of management and operation of Section 32A. The common order of the JMFC staying/terminating the criminal proceedings was quashed and set aside. Proceedings under Section 138 of the NI Act shall continue against the corporate debtor and its erstwhile directors/persons in charge (here, the company and its Chairman and Managing Director). Petition allowed.....