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2019 (2) TMI 1011 - HC - Indian LawsDishonor of Cheque - the payment in respect of the cheques was stopped as the said paddy has not been passed by the Quality Control Department - Section 138 of Negotiable Instruments Act, 1881 - Held that:- The embargo put by National Company Law Board vide its order of 16th February, 2016 and of the Appellate Tribunal is for the proper functioning of the accused-company and cannot be taken to be a bar to proceed under Section 138 of Negotiable Instruments Act, 1881 in these cases, as the restraint from making withdrawal or transfer of funds is conditional one - prior permission of the National Company Law Board/Tribunal is to be obtained before the assets of the accused-company are to be diverted or transferred. The aforesaid embargo cannot be considered to be a bar to proceed under Section 138 of Negotiable Instruments Act, 1881 against petitioner - this Court is not inclined to quash the complaints or the impugned order in question - Petition disposed off.
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