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2019 (7) TMI 1617 - HC - Indian LawsDishonor of Cheque - summon the accused persons for the offence punishable under Section 138 NI Act - petitioner contends that as per the complainant himself, the cheques given were post-dated and on the given date when the cheques were presented, the account of the company already stood blocked - it is argued that on the same analogy, the complaint is maintainable as it is not disputed by the accused that the blocked account belongs to it which resulted in dishonour of the cheques. According to the respondent, the trial Court has passed the summoning order carefully after examining the material on record and therefore, the petition deserves to be dismissed. HELD THAT:- This Court does not find any merit in the argument of learned counsel for the petitioner that only either of the two grounds i.e. “insufficient funds” or “the amount exceeds the arrangement” must exist as a reason for dishonour of cheque in order to launch prosecution against the accused. A careful analysis of Section 138 NI Act reveals that the first and foremost requirement to maintain the complaint under Section 138 NI Act is that the cheque issued by the account holder must be from the account maintained by account holder with the drawer-Bank for discharge in whole or in part of any debt or other liability. In the present case, it is evident that the proceedings against the company were initiated under the provisions of IB Code 2016 and the order in terms of Section 14 of IB Code was passed on 21.07.2017. The provisions of IB Code 2016 makes it absolutely clear that whenever a corporate debtor is facing the proceedings before the adjudicating authority (NCLT), then the control and management of the said corporate debtor can be vested with the Interim Resolution Professional. There is no conflict between the parties regarding the material facts including the proceedings before the NCLT and its consequences - Petition allowed.
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