The case involves multiple criminal appeals and a writ petition, all addressing the common issue of whether proceedings under Section 138 of the Negotiable Instruments Act, 1881 should be stayed due to the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code (IBC), 2016. The appeals challenge orders from various High Courts that dismissed petitions seeking to stay Section 138 proceedings. The appellants/petitioners initiated personal insolvency proceedings under the IBC and sought exemption from the Section 138 proceedings, arguing that the interim moratorium under Section 96 IBC should apply. The trial courts rejected these applications, and the High Courts affirmed those rejections.
The appellants/petitioners are facing trial under Section 138/141 of the Negotiable Instruments Act, 1881, for cheque dishonor. They initiated personal insolvency proceedings under the IBC and sought a stay of the Section 138 proceedings, citing the interim moratorium under Section 96 IBC. The respondent, M/s Gurdas Agro Pvt. Ltd., filed a complaint under Section 138 of the N.I. Act, 1881, against M/s Arjun Mall Retail Holdings Pvt. Ltd. through its Director- Kiran Bhanot, Kiran Bhanot (wife of the appellant), Rakesh Bhanot (appellant herein), and Arjun Bhanot (their son). The complaint alleged that the accused issued four cheques each for Rs.50,00,000/- drawn on UCO Bank, Mid Corporate Industrial Area, Ludhiana, in order to discharge their legally enforceable
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Complaint was taken on file as COMA…
Rakesh Bhanot filed an application in CP(IB)…
The case involves multiple criminal appeals and a writ petition, all addressing the common issue of whether proceedings under Section 138 of the Negotiable Instruments Act, 1881 should be stayed due to the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code (IBC), 2016. The appeals challenge orders from various High Courts that dismissed petitions seeking to stay Section 138 proceedings. The appellants/petitioners initiated personal insolvency proceedings under the IBC and sought exemption from the Section 138 proceedings, arguing that the interim moratorium under Section 96 IBC should apply. The trial courts rejected these applications, and the High Courts affirmed those rejections.
The appellants/petitioners are facing trial under Section 138/141 of the Negotiable Instruments Act, 1881, for cheque dishonor. They initiated personal insolvency proceedings under the IBC and sought a stay of the Section 138 proceedings, citing the interim moratorium under Section 96 IBC. The respondent, M/s Gurdas Agro Pvt. Ltd., filed a complaint under Section 138 of the N.I. Act, 1881, against M/s Arjun Mall Retail Holdings Pvt. Ltd. through its Director- Kiran Bhanot, Kiran Bhanot (wife of the appellant), Rakesh Bhanot (appellant herein), and Arjun Bhanot (their son). The complaint alleged that the accused issued four cheques each for Rs.50,00,000/- drawn on UCO Bank, Mid Corporate Industrial Area, Ludhiana, in order to discharge their legally enforceable
…Complaint was taken on file as COMA…
Rakesh Bhanot filed an application in CP(IB)…