Supreme Court of India
Rakesh Bhanot v. M/s. Gurdas Agro Pvt. Ltd
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that the object of moratorium or for that purpose, the provision enabling the debtor to approach the Tribunal under Section 94 is not to stall the criminal prosecution, but to only postpone any civil actions to recover any debt.
Judgment, page 29
From the headnote
Issue for Consideration Issue arose whether the proceedings initiated against the appellants u/s.138 rw s.141 of the Negotiable Instruments Act should be stayed in view of the interim moratorium u/s.96 of the Insolvency and Bankruptcy Code, 2016 having come into effect upon the appellants filing applications u/s.94 IBC. Headnotes† Insolvency and Bankruptcy Code, 2016 – ss.94 and 96 – Negotiable Instruments Act, 1881 – ss.138 and 141 – Moratorium – Interim moratorium – Complaint u/s.138 NI Act upon failure of the appellant-accused to make payment after cheques were dishonoured due to
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