138

Maximum fine of Rs.72,000/- and/or imprisonment SI OR RI of one year or both. - Worst Scenario

Why has not the trial proceeded?

liability? it depends on the cirucmstances of the case, now a days lot of judgments are coming infavour of the accused!

If the cheques were signed by the surviving directors than their liability arises.

Punishment U/s 138 of N.I. Act - Imprisonment for  a term which may extend to two year, or with fine which may extend to twice the amount of the cheque, or with both:
 

 The case filed in 1999 i.e. before amendment. Fine of 72000 on each? Mystery why the trial not started (no question of proceeded). Out of the six cheques, one is dated by the payee himself three days after the death of the drawer. Any comment?

Earlier you had mentioned drawer is a Company, therefore death of authorised signatory is immaterial. Therefore your statment 'death of drawer" would be incorrect.

 There is no incongruity. The cheque was drawn on behalf of the company by the Managing Director who died.