The Criminal Original Petitions were filed to quash criminal proceedings in S.T.C.Nos. 200, 344, 219, 551 and 496 of 2018 pending before the Judicial Magistrate / Fast Track Courts in Erode. The petitioners are accused of offences under Sections 138, 141, and 142 of the Negotiable Instruments Act, 1881. The complainant alleged that the accused company failed to honor cheques issued for the supply of "Wet Blue Cow Hides". The petitioners argued that insolvency proceedings had commenced against the accused company, and therefore, the complaints were not maintainable.
M/s. Nag Leathers Pvt. Ltd. and its directors (petitioners) are facing criminal proceedings under Section 138, 141, and 142 of the Negotiable Instruments Act, 1881, due to dishonored cheques issued to M/s. Muzain Hides (respondent) for the supply of "Wet Blue Cow Hides". The cheques were dishonored with the endorsement "Payment Stopped by the Drawers". The petitioners argued that the respondent did not issue a legal notice as required under the Negotiable Instruments Act. Furthermore, the petitioners contended that the National Company Law Tribunal (NCLT), Chennai, had initiated Corporate Insolvency Resolution Process (CIRP) against the accused company on 10.07.2017, and a public announcement was issued by the Insolvency Resolution Professional on
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National Company Law Tribunal (NCLT), Chennai,…
Insolvency Resolution Professional issued…
The Criminal Original Petitions were filed to quash criminal proceedings in S.T.C.Nos. 200, 344, 219, 551 and 496 of 2018 pending before the Judicial Magistrate / Fast Track Courts in Erode. The petitioners are accused of offences under Sections 138, 141, and 142 of the Negotiable Instruments Act, 1881. The complainant alleged that the accused company failed to honor cheques issued for the supply of "Wet Blue Cow Hides". The petitioners argued that insolvency proceedings had commenced against the accused company, and therefore, the complaints were not maintainable.
M/s. Nag Leathers Pvt. Ltd. and its directors (petitioners) are facing criminal proceedings under Section 138, 141, and 142 of the Negotiable Instruments Act, 1881, due to dishonored cheques issued to M/s. Muzain Hides (respondent) for the supply of "Wet Blue Cow Hides". The cheques were dishonored with the endorsement "Payment Stopped by the Drawers". The petitioners argued that the respondent did not issue a legal notice as required under the Negotiable Instruments Act. Furthermore, the petitioners contended that the National Company Law Tribunal (NCLT), Chennai, had initiated Corporate Insolvency Resolution Process (CIRP) against the accused company on 10.07.2017, and a public announcement was issued by the Insolvency Resolution Professional on
…National Company Law Tribunal (NCLT), Chennai,…
Insolvency Resolution Professional issued…