The case involves appeals against orders related to Section 138/141 of the Negotiable Instruments Act, 1881, in the context of the Insolvency and Bankruptcy Code, 2016 (IBC). The respondent supplied steel products to Diamond Engineering Pvt. Ltd. (the corporate debtor), resulting in outstanding dues. The corporate debtor issued 51 cheques, which were dishonored due to insufficient funds. Consequently, the respondent issued statutory demand notices. Criminal complaints were filed against the company and its directors (appellants) under Section 138 read with Section 141 of the Negotiable Instruments Act. Simultaneously, a statutory notice under Section 8 of the IBC was issued, and the Adjudicating Authority admitted an application under Section 9 of the IBC, initiating
…The respondent, M/s. Shah Brothers Ispat Pvt. Ltd., supplied steel products to Diamond Engineering Pvt. Ltd. (the corporate debtor) between 2015-09-21 and 2016-11-11, resulting in outstanding dues of INR 24,20,91,054. The corporate debtor issued 51 cheques to the respondent, all of which were dishonored on 2017-03-03 due to 'funds insufficient'. The respondent issued a statutory demand notice on 2017-03-31 under Section 138 read with Section 141 of the Negotiable Instruments Act, calling upon the company and its three directors (appellants) to pay the amount. On 2017-04-28, two cheques totaling INR 80,70,133 were dishonored for the same reason. A second demand notice was issued on 2017-05-05. Two criminal complaints were filed by the respondent against the company and
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The case involves appeals against orders related to Section 138/141 of the Negotiable Instruments Act, 1881, in the context of the Insolvency and Bankruptcy Code, 2016 (IBC). The respondent supplied steel products to Diamond Engineering Pvt. Ltd. (the corporate debtor), resulting in outstanding dues. The corporate debtor issued 51 cheques, which were dishonored due to insufficient funds. Consequently, the respondent issued statutory demand notices. Criminal complaints were filed against the company and its directors (appellants) under Section 138 read with Section 141 of the Negotiable Instruments Act. Simultaneously, a statutory notice under Section 8 of the IBC was issued, and the Adjudicating Authority admitted an application under Section 9 of the IBC, initiating
…The respondent, M/s. Shah Brothers Ispat Pvt. Ltd., supplied steel products to Diamond Engineering Pvt. Ltd. (the corporate debtor) between 2015-09-21 and 2016-11-11, resulting in outstanding dues of INR 24,20,91,054. The corporate debtor issued 51 cheques to the respondent, all of which were dishonored on 2017-03-03 due to 'funds insufficient'. The respondent issued a statutory demand notice on 2017-03-31 under Section 138 read with Section 141 of the Negotiable Instruments Act, calling upon the company and its three directors (appellants) to pay the amount. On 2017-04-28, two cheques totaling INR 80,70,133 were dishonored for the same reason. A second demand notice was issued on 2017-05-05. Two criminal complaints were filed by the respondent against the company and
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