Indian Laws - Continuation of present proceedings under the NI Act...

Indian Laws

Continuation of present proceedings under the NI Act simultaneously, during the pendency of the proceedings under the IBC - Dishonour of cheque - The recovery proceedings barred u/s 14 of the IBC are primarily civil in nature, the proceedings u/s 138 of the NI Act are criminal in nature, and both have a different set of purpose. - By operation of the provisions of the IBC, the criminal prosecution initiated against the natural persons under Section 138 read with 141 of the NI Act would not stand terminated. - HC

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