Proceedings Under Section 138 NI Act Have Nothing To Do With Insolvency Application Under The Code: NCLT

The Kolkata Bench of the National Company Law Tribunal recently ruled that disclosure of the fact of initiation of proceedings under Section 138 of the Negotiable Instruments Act in not necessary while filing an Application for Insolvency under the Insolvency and Bankruptcy Code, 2016."It is to be made clear that the proceedings under section 138 of Negotiable Instrument Act is a...