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Directors can’t escape personal liability for cheque dishonour by citing liquidation of Co. under IBC

January 25, 2020[2020] 113 taxmann.com 439 (Madras)
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IBC : No provision of Insolvency and Bankruptcy Code bars continuation of criminal prosecution initiated against corporate debtor or its directors and officials

• Thus, where proceedings under section 138 of the Negotiable Instruments Act, 1881 had already commenced and during pendency, company gets dissolved, directors and other accused cannot escape liability by citing its dissolution. What is dissolved is only company and not personal penal liability of accused covered under section 141 of Negotiable Instruments Act, 1881.

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