Tushar Sharma Vs State Bank of India (Himachal Pradesh High Court)
Himachal Pradesh High Court held that that personal liability of signatory/ director of the company in a cheque dishonour case cannot be absolved because there is pending corporate liability resolution proceedings against the company under the provisions of Insolvency and Bankruptcy Code.
Facts- The complainant bank instituted proceedings u/s. 138 of the Act alleging therein that accused and his wife Smt. Shaveta Sharma applied for term loan facility as house loan for sum of Rs. 2,00,00,000/- and same was granted on 24.01.2015. Since accused failed to repay the loan amount, he with a view to discharge his lawful liability issued cheque amounting to Rs. 5,90,000/- in favour of complainant, but fact remains that aforesaid cheque on its presentation, was dishonoured on account of insufficient funds. Since accused failed to make the payment good within the time stipulated in the legal notice, complainant bank was compelled to initiate proceedings before the competent Court of law u/s. 138 of the Act.
During pendency of the complaint, accused filed an application u/s. 96 of Insolvency and Bankruptcy Code, 2016. In pursuance to the invocation of said provision of law, the same become operational, whereby interim moratorium has actually commenced on the date of filing of the petition. It was further stated in the application that as per Section 96 (1) (b) (i) that during interim moratorium period any pending legal action or proceedings in respect of any debt shall be deemed to have been stayed and as per 96 (1) (b) (ii) during the interim moratorium the creditors of the debtors shall not initiate any legal action or proceedings in respect of any debts.
