Legal Question in Business Law in
If a person files an application for insolvency under the Insolvency Act, 1920, what happens to a pending proceeding u/s 138 of the Negotiable Instruments act. Is there any liability (and/ or imprisonment along with fine) u/s 138 of the Negotiable Instruments Act?
Asked on 8/31/10, 10:15 am
2 Answers from Attorneys
Vishwa Arya
Arya & Co.
after filing of complaint under 138, if the accused files insolvency, and even if succeeds, insolvency shall not affect the complaint under 138
Answered on 9/04/10, 11:42 pm
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Insolvency proceedings do not cover criminal liability.
Answered on 9/09/10, 12:22 am
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