Whether the institution or continuation of a proceeding u/s 138/141 of the Negotiable Instruments Act can be said to be covered u/s 14 of the IBC?
Court :
Supreme Court of India
Brief :
Steel products were supplied by the respondent to one M/s.Diamond Engineering Pvt. Ltd. [“the company”] from 21.09.2015 to11.11.2016, as a result of which INR 24,20,91,054/- was due and payableby the company. As many as 51 cheques were issued by the company infavour of the respondent towards amounts payable for supplies, all ofwhich were returned dishonoured for the reason “funds insufficient” on03.03.2017.
Citation :
CIVIL APPEAL NO.10355 OF 2018
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