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Mar 31, 2021

SC holds Moratorium under IBC Bars Parallel Proceedings under Section 138 of the Negotiable Instruments Act, 1881

The Supreme Court in P. Mohanraj v. Shah Brothers[1], held that proceedings under Section 138 of the Negotiable Instruments Act, 1881 for dishonor of cheque cannot continue against a corporate debtor when an order of moratorium has been passed under Section 14 of the IBC.  It was clarified that such bar will apply only to the corporate debtor and not to natural persons responsible for its management.

[1] P. Mohanraj v. Shah Brothers, 2021 SCC Online SC 152.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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