N I Act and Insolvency act

J K Agrawal (Querist) 26 January 2011 This query is : Resolved
Dear Sirs

What is effect of filing insolvency petition upon the pending cases under 138 NI Act?

What is effect on cheque not produced yet but the creditors having cheques with them.
Are they debarred to file an action under S 138?

A citation will strengthen me.

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Arvind Singh Chauhan (Expert) 26 January 2011
I do require the effect of insolvency.

Advocate. Arunagiri (Expert) 26 January 2011
The protection given u/s 29 and 31 of the Provincial Insolvency Act is extended to the debtor in respect of civil detention and civil arrest alone. It would not cover the proceedings u/s 138 of the NI Act.

Guest (Expert) 26 January 2011
fresh initiation of the proceedings u/s 138 of NI will not made out against a I.P petitioner. But pending proceedings will not get the cover under insolvency proceedings

DEFENSE ADVOCATE.-firmaction@g (Expert) 26 January 2011
Past or future criminal action is not affected by inslovancy proceedings.

N.K.Assumi (Expert) 26 January 2011
I am of the view that if the proceedings under the PIA falls within section 28 it is civil in nature and will not attract NIA, as such it depends on the nature of proceedings under the PIA.

Advocate Bhartesh goyal (Expert) 26 January 2011
I do agree with MR.Shashikumar.

J K Agrawal (Querist) 27 January 2011
Thanks a Lot sirs

I got enough from all of you on this issue.

SACHIN AGARWAL (Expert) 28 January 2011
I do agree with Mr. Shashi kumar.

Sri Vijayan.A (Expert) 04 February 2011
The question is sufficiently discussed and well answered.

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