The writ petition was filed seeking to quash criminal complaints filed against the Petitioner Company/Corporate Debtors and its Directors under Section 138 of the Negotiable Instruments Act, 1881. The complaints were pending before the Judicial Magistrate/Chief Metropolitan Magistrate/Judicial Magistrate of 1st Class. The basis for seeking the quashing was the approval of the Resolution Plan by the CoC under Section 30(4) of the Code, and the acceptance of the approved Resolution Plan by the Respondent Complainants. The petitioners argued that the criminal complaints initiated after the order of moratorium dated 13.11.2018 passed by the National Company Law Tribunal, Chandigarh in CP (IB) No.119/Chd/Chd/2018 should also be quashed.
The petitioners filed a writ petition seeking to quash criminal complaints under Section 138 of the Negotiable Instruments Act, 1881, against the Petitioner Company/Corporate Debtors and its Directors. These complaints were pending before various judicial magistrates. The basis for the petition was the approval of a Resolution Plan by the CoC under Section 30(4) of the Insolvency and Bankruptcy Code (IBC), and its acceptance by the Respondent Complainants. The petitioners argued that the acceptance of the resolution plan, which included the dues of the original complainant, should obliterate any pending trials under Sections 138 and 141 of the Negotiable Instruments Act. The petitioners also sought to quash criminal complaints initiated after the moratorium order dated
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Order of moratorium passed by the National…
Order dated 18.3.2020 passed by the National…
The writ petition was filed seeking to quash criminal complaints filed against the Petitioner Company/Corporate Debtors and its Directors under Section 138 of the Negotiable Instruments Act, 1881. The complaints were pending before the Judicial Magistrate/Chief Metropolitan Magistrate/Judicial Magistrate of 1st Class. The basis for seeking the quashing was the approval of the Resolution Plan by the CoC under Section 30(4) of the Code, and the acceptance of the approved Resolution Plan by the Respondent Complainants. The petitioners argued that the criminal complaints initiated after the order of moratorium dated 13.11.2018 passed by the National Company Law Tribunal, Chandigarh in CP (IB) No.119/Chd/Chd/2018 should also be quashed.
The petitioners filed a writ petition seeking to quash criminal complaints under Section 138 of the Negotiable Instruments Act, 1881, against the Petitioner Company/Corporate Debtors and its Directors. These complaints were pending before various judicial magistrates. The basis for the petition was the approval of a Resolution Plan by the CoC under Section 30(4) of the Insolvency and Bankruptcy Code (IBC), and its acceptance by the Respondent Complainants. The petitioners argued that the acceptance of the resolution plan, which included the dues of the original complainant, should obliterate any pending trials under Sections 138 and 141 of the Negotiable Instruments Act. The petitioners also sought to quash criminal complaints initiated after the moratorium order dated
…Order of moratorium passed by the National…
Order dated 18.3.2020 passed by the National…