for Ravindra :
1. A company cannot be closed without due procedures as prescribed under the Companies Act. A company can be closed "ONLY AFTER" due permission from the Competent Authority (i.e. Registrar of Companies "ROC")
2. IF the company has outstanding liabilities to the public or other persons, THEN "ROC" does not grant permission to close the Company. The companies balance sheet & other schedules should have a "no liability" amount under the various accounting heads, before filing proceedings for closeure of company. Further IF any judicial proceedings in any court is pending, THEN too the company may not file proceedings for closeure of company.
3. IF the company is not allowed to be closed by ROC, proceedings under N.I.Act "cannot be abated" by the criminal courts. With proper legal jugglery procedures, the assets of the company can be auctioned for recovery of the liabilities of the company.
4. Contrary to what other members have stated above (in context to the topic) civil proceedings for recovery is not possible for recovery of vicarious liability for offences u/s 138 of the N.I.Act, IF in the event the individual accused u/s 138 has expired before conclusion of Trial.
Keep Smiling .... Hemant Agarwal