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2021 (11) TMI 649 - HC - Indian LawsDishonor of Cheque - liability of the natural persons mentioned in Section 141 of the NI Act, 1881 - continuation of proceedings under Sections 138/141 of the NI Act, 1881 - HELD THAT:- Though, at this stage, the Court is not taking into account the aspect of the trial Court having discharged the accused persons after having taking cognizance in proceedings under Section 138 of the NI Act, 1881, in as much as, it is considered appropriate that the matter is dealt with in its entirety, this Court nevertheless considers it essential that in view of the verdict of the Hon’ble Supreme Court in P.Mohanraj and others [2021 (3) TMI 94 - SUPREME COURT], with submissions made on behalf of the petitioners that the verdict of this Court in M.L Gupta and Anr. (supra) to the extent of liabilities of natural persons in terms of the verdict of the Hon’ble Supreme Court in P.Mohanraj and others (supra) cannot relate to the natural persons qua whom the proceedings under Section 138 of the NI Act, 1881 cannot thus, be held to be interdicted, the Court considers it appropriate that the matter be placed before the Hon’ble the Chief Justice to refer the matter to a larger bench in relation to the aspect of adjudication whether the verdict in M.L Gupta and Anr. [2006 (11) TMI 346 - HIGH COURT OF DELHI] to the extent that it set asides the summoning order in toto inclusive of the summoning of the Directors of the corporate debtor qua liability under Section 138 of the NI Act, 1881 in view of the verdict of the Hon’ble Supreme Court in P.Mohanraj and others [2021 (3) TMI 94 - SUPREME COURT] to the extent that it lays down clearly that the moratorium provision contained in Section 14 of the IBC would apply only to the corporate debtor and thus, in pari materia in view of the winding up the proceedings of the corporate debtor in the instant case, the culpability of the natural persons mentioned in Section 141 of the N.I.Act, 1881 would be a continuing liability continuing to be statutorily liable under Chapter 17 of the NI Act, 1881. The matter be thus placed before the Hon’ble the Chief Justice for the date 29.11.2021.
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