company worker (business) 23 March 2009
There are so many criminal cases pending against Mr.A .under 138 NI Act. Due to his very poor financial condition he is willing to file Insolvency petition .Mr.A has a legal doubt about his pending criminal cases . if The Court found him as insolvent what will be the position of the pending criminal cases under 138 of NI Act?
Mahesh (Asst. General Manager (Law)) 24 March 2009
The law of Insolvency in India is primarily governed by the Presidency Town Insolvency Act, 1909 & Provincial Insolvency Act, 1920. The Act applies to individuals, firms, HUF, etc., but does not apply to registered associations and companies. The law of insolvency is designed to meet the case of an individual who has no reasonable prospect of being able to pay his debts. Its aim is three fold:
As discussed above, it is only a civil remedy and it does not preclude criminal libility, ie., his liability under criminal law continues.
SINDHU (23) 29 October 2009
WHEN A PERSON HAS NO MEANS TO PAY HIS DEBT WHY CAN'T THE LAW BE LINIENT?
WHY SECTION 138 IS SO RIGID?
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