If opposite party goes for insolvency petition we can't file cheque bounce case on him

Both are different subjects, if you have his cheque bounced with you, you are not prevented from proceeding with the cheque bounce case against him under section 138 NI Act

Since  cheque bouncing is punishable offence u/sec 138 of N.I.Act and not for recovery of cheque amount so complaint for offence of cheque bouncing can be filed against  drawer of cheque may be he is insolvent or not..

The drawer of cheque is yet to be declared "insolvent" by the National Company Law Board, hence you may file complaint u/s 138 of the NI Act., 1881 for consideration.