IBC proceedings no bar to cheque-bounce prosecution against directors under Section 138 NI Act: Bombay HC

The Bombay High Court held that ongoing insolvency proceedings under the IBC do not shield company directors from criminal liability under Section 138 of the Negotiable Instruments Act for dishonoured cheques. The ruling clarified that insolvency moratorium applies to corporate debtors but does not extend to personal criminal liability of officers. This judgment reinforces creditor remedies, preserves deterrence under cheque-bounce laws, and harmonises the interplay between insolvency law and criminal prosecution.