The petitioner, Tushar Sharma, filed a petition against the State Bank of India, challenging an order dated 2023-07-21, which dismissed his application filed under Section 96 of the Insolvency and Bankruptcy Code, 2016. The application sought to stay proceedings initiated by the respondent-complainant under Section 138 of the Negotiable Instruments Act. The petitioner argued that an interim moratorium should have been in effect due to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code before the National Company Law Tribunal (NCLT), Chandigarh. The complainant bank resisted, stating that the property mortgaged was owned by the petitioner's wife, Smt. Shaveta Sharma, and the loan was given to her, not the accused. The trial court rejected the
…Tushar Sharma, the petitioner, is accused in a case under Section 138 of the Negotiable Instruments Act. The complainant, State Bank of India, initiated these proceedings after a cheque issued by Tushar Sharma was dishonored due to insufficient funds. The cheque, amounting to Rs. 5,90,000/-, was issued from account No. 35417139168, dated 2019-02-14. The loan was granted on 2015-01-24. The outstanding loan amount, including interest, was Rs. 2,04,66,124/- as of 2019-02-12. During the pendency of the Section 138 proceedings, Tushar Sharma filed an application under Section 96 of the Insolvency and Bankruptcy Code, 2016, claiming an interim moratorium due to an application filed under Section 94(1) of the IBC before the NCLT, Chandigarh. The property mortgaged against the
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The petitioner, Tushar Sharma, filed a petition against the State Bank of India, challenging an order dated 2023-07-21, which dismissed his application filed under Section 96 of the Insolvency and Bankruptcy Code, 2016. The application sought to stay proceedings initiated by the respondent-complainant under Section 138 of the Negotiable Instruments Act. The petitioner argued that an interim moratorium should have been in effect due to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code before the National Company Law Tribunal (NCLT), Chandigarh. The complainant bank resisted, stating that the property mortgaged was owned by the petitioner's wife, Smt. Shaveta Sharma, and the loan was given to her, not the accused. The trial court rejected the
…Tushar Sharma, the petitioner, is accused in a case under Section 138 of the Negotiable Instruments Act. The complainant, State Bank of India, initiated these proceedings after a cheque issued by Tushar Sharma was dishonored due to insufficient funds. The cheque, amounting to Rs. 5,90,000/-, was issued from account No. 35417139168, dated 2019-02-14. The loan was granted on 2015-01-24. The outstanding loan amount, including interest, was Rs. 2,04,66,124/- as of 2019-02-12. During the pendency of the Section 138 proceedings, Tushar Sharma filed an application under Section 96 of the Insolvency and Bankruptcy Code, 2016, claiming an interim moratorium due to an application filed under Section 94(1) of the IBC before the NCLT, Chandigarh. The property mortgaged against the
…Term loan facility…
Accused issued cheque…