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TMI Blog2024 (12) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... an order under Section 14 of the IBC was issued on 31.10.2019. The IBC explicitly provides that when a corporate debtor is undergoing proceedings before the adjudicating authority (NCLT), the control and management of the corporate debtor are vested in the Interim Resolution Professional. It is undisputed that the cheques in question were dated 15.01.2020 and 15.03.2020, respectively. However, the IRP was appointed on 31.10.2019, prior to these dates. Consequently, the account was blocked due to the order issued by the NCLT, and this cannot be attributed to the account holder. As a result of the NCLT s order, the authority and control of the account holder over the account ceased to exist. A coordinate bench of this Court in Govind Prasad T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es on behalf of the company in compliance of the order 24.07.2019 passed by the National Consumer Disputes Redressal Commission in Execution Application 93/2017. 3. Subsequently, two cheques dated 23.07.2019 amounting to Rs. 5,00,000/- each were presented to the Bank and were duly honoured. Thereafter, the company was admitted to Corporate Insolvency Resolution Process ( CIRP ) under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) and moratorium under Section 14 of the IBC was imposed on 31.10.2019. 4. The cheques in question bearing nos. 787733 and 787753 dated 15.01.2020 and 15.03.2020 respectively for a sum of Rs. 10,00,000/- each were presented for enchashment and the same were returned by the bank as dishonoured for the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 15.03.2020, respectively. However, the IRP was appointed on 31.10.2019, prior to these dates. Consequently, the account was blocked due to the order issued by the NCLT, and this cannot be attributed to the account holder. As a result of the NCLT s order, the authority and control of the account holder over the account ceased to exist. 11. A coordinate bench of this Court in Govind Prasad Todi Anr. V. Govt. of NCT of Delhi Anr. : 2023 SCC OnLine Del 3717, quashed the summoning order in similar circumstances, observing that once a moratorium under Section 14 of the IBC is in effect, proceedings under Section 138 of the NI Act against the corporate debtor cannot continue. It was held as under : 11. In the present case, admittedly, the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which the complaint was filed could not have been encashed by the financial institutions in view of the mandate of section 14 of the Insolvency and Bankruptcy Code read with sections 17 and 18 of the Insolvency and Bankruptcy Code. 18. On the basis of the combined reading, it is the interim resolution professional who had the authority to operate the bank accounts and on the date of presentation, the petitioners cannot be stated to be in control and management of the affairs of M/s. Ajanta. (emphasis supplied) 12. It is reiterated that the cheques in question were dishonoured for the reason Drawer Signature to operate account not received . In view of this Court, the ingredients for constituting the offence punishable under Section 138 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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