The case involves multiple criminal applications (quashing) filed under Articles 226 and 227 of the Constitution of India read with Section 482 of the Code of Criminal Procedure, 1973, seeking to quash complaints related to dishonored cheques. The complaints are pending before the Additional Chief Judicial Magistrate, Surat, under Section 138 of the Negotiable Instruments Act. The petitioners argue that the cheques were issued as security and that a moratorium under Section 14 of the IBC was in effect, preventing proceedings against the corporate debtor. The respondent-complainant contends that the cheques were issued for repayment of advanced working capital and that the directors are vicariously liable.
Ajay Vasant Tikekar filed multiple criminal applications to quash complaints against him related to dishonored cheques. The complaints were filed by Geelon Industries Pvt Ltd through Viral Kantilal Gajjar. The cheques were allegedly issued by the directors of Lakeland Chemicals (India) Ltd. as additional security under a Memorandum of Understanding (MOU). The petitioners argued that a corporate insolvency resolution process (CIRP) had commenced against Lakeland Chemicals, and a moratorium was in place under Section 14 of the IBC, preventing proceedings against the company. They also claimed the cheques were security cheques and could not be presented. The complainant argued that the cheques were issued for repayment of advanced working capital, and the directors are
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Memorandum of Understanding (MOU) executed…
Corporate Insolvency Resolution Process…
The case involves multiple criminal applications (quashing) filed under Articles 226 and 227 of the Constitution of India read with Section 482 of the Code of Criminal Procedure, 1973, seeking to quash complaints related to dishonored cheques. The complaints are pending before the Additional Chief Judicial Magistrate, Surat, under Section 138 of the Negotiable Instruments Act. The petitioners argue that the cheques were issued as security and that a moratorium under Section 14 of the IBC was in effect, preventing proceedings against the corporate debtor. The respondent-complainant contends that the cheques were issued for repayment of advanced working capital and that the directors are vicariously liable.
Ajay Vasant Tikekar filed multiple criminal applications to quash complaints against him related to dishonored cheques. The complaints were filed by Geelon Industries Pvt Ltd through Viral Kantilal Gajjar. The cheques were allegedly issued by the directors of Lakeland Chemicals (India) Ltd. as additional security under a Memorandum of Understanding (MOU). The petitioners argued that a corporate insolvency resolution process (CIRP) had commenced against Lakeland Chemicals, and a moratorium was in place under Section 14 of the IBC, preventing proceedings against the company. They also claimed the cheques were security cheques and could not be presented. The complainant argued that the cheques were issued for repayment of advanced working capital, and the directors are
…Memorandum of Understanding (MOU) executed…
Corporate Insolvency Resolution Process…