Mere company winding up order not absolve from Proceedings u/s 138 of NI Act 

Nizar Noorali Rangara Vs State of Maharashtra (Bombay High Court)

Conclusion: An order of winding-up which automatically came into force upon a default in compliance with the consent terms executed on behalf of the company, and its directors could not be placed on the same pedestal as an order passed on merits, especially in a case like the one at hand where it appeared to be in the nature of a device to obviate the liability at that moment.  Therefore, the court dismissed the application for quashing of th

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