In Brief
The Supreme Court dismissed a writ petition seeking to quash criminal complaints filed under Section 138 of the Negotiable Instruments Act against a corporate debtor and its directors, following a moratorium order and approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. The Court held that the moratorium under Section 14 of the Insolvency Code applies only to the corporate entity, while directors remain personally liable under Section 141 of the Negotiable Instruments Act. Acceptance of a resolution plan containing the complainant's dues does not obliterate pending criminal trials.
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