Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017

Hi Mr. Khanna, In the case, Shah Brothers Ispat Ltd. v. P. Mohanraj in July 2018 the National Company Law Appellate Tribunal (NCLAT) held that a moratorium would not be extended to proceedings filed under the NI Act. The Appellate Tribunal observed that Section 138 is a penal provision and is not covered within the purview of Section 14 of IBC. In fact, no criminal proceeding is covered under the section. This decision was appealed and pending before the Supreme Court. Regards, Archit

SIR IF A COMPANY declaring the Moratorium in terms of sub-section (1) of Section 14 of the code wheither proceeding us 138 of ni act can be continue against co or case return to complaintant