The HC quashed the summoning order and allowed the petition. It ...

Summoning order quashed, IRP in control post CIRP; Cheques dishonoured during moratorium, no vicarious liability for petitioners under NI Act.

December 26, 2024

Case Laws Indian Laws HC

The HC quashed the summoning order and allowed the petition. It held that after the commencement of CIRP proceedings against the accused company and appointment of IRP under IBC, the control and management vested with IRP. The dishonoured cheques were post moratorium, and the petitioners cannot be held vicariously liable u/s 138 of NI Act. Proceedings u/s 138 cannot continue against the corporate debtor once moratorium u/s 14 of IBC is in effect.

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The HC quashed the summoning order and allowed the petition. It ...

Summoning order quashed, IRP in control post CIRP; Cheques dishonoured during moratorium, no vicarious liability for petitioners under NI Act.

December 26, 2024

Case Laws Indian Laws HC

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