Cheque dishonor cases can t be filed or continued against firms facing insolvency proceedings: SC
SECTIONS
Last Updated: Mar 01, 2021, 10:01 PM IST
Share
Synopsis
The top court, however, did not extend the benefit of moratorium on judicial proceedings in cheque bounce cases to directors or signatories of cheques of such firms, saying criminal cases would continue against natural persons .
Agencies
Under IBC, the moment a corporate insolvency resolution process is initiated against a company, it gets statutory protection under section 14 and consequently, a moratorium is put on judicial proceedings against it.
The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.
nclt: IRP moves NCLT against Deccan Chronicle lenders indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Court dismisses Rudra Group promotor Mukesh Khurana s bail plea ANI | Updated: Feb 07, 2021 22:16 IST
Gautam Buddh Nagar (Uttar Pradesh) [India], February 7 (ANI): A trial court dismissed the bail plea of Rudra Group promotor Mukesh Khurana who was arrested for allegedly duping homebuyers on technical grounds.
Chief Judicial Magistrate of Gautam Buddh Nagar District Court Shamim Ansari dismissed the bail petition.
Khurana had sought bail on the ground that he has been in Dasna Jail for over a period of 90 days and no charge sheet was filed by the police within a prescribed time frame.
Counsel for homebuyers, while opposing bail for Khurana, said he collected huge amounts from different customers and homebuyers but has not developed the said real estate projects.
New Delhi [India], January 19 (ANI): In connection with its suo motu case on the expeditious trial of cheque bounce, Supreme Court on Tuesday asked various state High Courts and states/Union Territories to register their responses within four weeks.
The Supreme Court on Tuesday directed that the High Courts should submit their responses through Registrar Generals within two weeks to the draft criminal rules prepared by Senior Advocates Sidharth.