Tayal Cotton Pvt. Ltd. filed a complaint under Section 138 of the Negotiable Instruments Act against Aegan Industries Private Limited and its directors (respondents 2 to 7) regarding a dishonored cheque of Rs. 15,58,612 issued towards a civil liability. The Magistrate issued process under Section 204 of the Code of Criminal Procedure. Respondents 2 to 7 challenged this order by filing a Criminal Revision. Meanwhile, respondents 2 to 7 initiated insolvency proceedings, and the National Company Law Tribunal (NCLT) issued an order prohibiting the institution or continuation of proceedings against the corporate debtor. Respondents then requested the Criminal Revision to be stayed, which was allowed by the Additional Sessions Judge. The petitioner, Tayal Cotton, challenged
…Tayal Cotton Pvt. Ltd. (the petitioner) filed a complaint under Section 138 of the Negotiable Instruments Act against Aegan Industries Private Limited (respondent no. 2) and its directors (respondents 3 to 7) due to the dishonor of a cheque amounting to Rs. 15,58,612. The cheque was issued by the respondents towards the discharge of a civil liability. The Magistrate issued process under Section 204 of the Code of Criminal Procedure. Respondents 2 to 7 then initiated insolvency proceedings and obtained a moratorium order from the NCLT, prohibiting the institution or continuation of suits or proceedings against the corporate debtor. Based on this moratorium, the respondents sought a stay of the criminal revision they had filed against the Magistrate's order. The
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Tayal Cotton Pvt. Ltd. filed a complaint under…
The complai…
Tayal Cotton Pvt. Ltd. filed a complaint under Section 138 of the Negotiable Instruments Act against Aegan Industries Private Limited and its directors (respondents 2 to 7) regarding a dishonored cheque of Rs. 15,58,612 issued towards a civil liability. The Magistrate issued process under Section 204 of the Code of Criminal Procedure. Respondents 2 to 7 challenged this order by filing a Criminal Revision. Meanwhile, respondents 2 to 7 initiated insolvency proceedings, and the National Company Law Tribunal (NCLT) issued an order prohibiting the institution or continuation of proceedings against the corporate debtor. Respondents then requested the Criminal Revision to be stayed, which was allowed by the Additional Sessions Judge. The petitioner, Tayal Cotton, challenged
…Tayal Cotton Pvt. Ltd. (the petitioner) filed a complaint under Section 138 of the Negotiable Instruments Act against Aegan Industries Private Limited (respondent no. 2) and its directors (respondents 3 to 7) due to the dishonor of a cheque amounting to Rs. 15,58,612. The cheque was issued by the respondents towards the discharge of a civil liability. The Magistrate issued process under Section 204 of the Code of Criminal Procedure. Respondents 2 to 7 then initiated insolvency proceedings and obtained a moratorium order from the NCLT, prohibiting the institution or continuation of suits or proceedings against the corporate debtor. Based on this moratorium, the respondents sought a stay of the criminal revision they had filed against the Magistrate's order. The
…Tayal Cotton Pvt. Ltd. filed a complaint under…
The complai…