Order 2

Order Details: Order Below EX 1
Pdf Text: MHMM180006732020
Summons Cases SS/5800221/2020
KOTAK MAHINDRA BANK LTD Vs. GUPTA
SYNTHETICS LTD AND ORS
IN THE COURT OF JUDICIAL MAGISTRATE(FIRST CLASS),
58TH COURT, BANDRA, MUMBAI
ORDER BELOW APPLICATION EXH.36
Application is filed on behalf of complainant for granting an
interim compensation u/sec.143-A of the Negotiable Instrument Act.
2. Accused No.3 resisted the application vide Exh.33.
3. Heard both sides.
4. Already accused No.1 company is under liquidation. Interim
Resolution Professional is already appointed by court of Hon’ble NCLT.
The application is moved in the year 2024, in the matter pending since
year 2020.
5. It is settled law by catena of Judgment of Apex Court that the
moratorium period and resultant stay of proceeding by the order of
NCLT applies only in case of Corporate Debtors. Individual Directors of
accused No.1 company in their personal capacity are not absolved at all
from facing prosecution under section 138 of the Act as Apex Court
held in case of
Ajay Goenka. Such proceeding can be initiated and
continued against the persons mentioned in section 141 (1) and (2) of
The Negotiable Instrument Act. The natural persons mentioned in
section 141 continuing to be statutorily liable under Chapter XVII of the
Negotiable Instrument Act. Now question crops up once the accused
No.1 company is under liquidation, whether it would be just and
proper to go for an application for interim compensation. The
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2 Summons Cases SS/5800221/2020
Order below Exh.36
complainant bank has efficacious remedy to lodge its claim with
Interim Resolution Professional. Matter is pending since year 2020. The
question of liability of the directors who are liable in personal capacity
is to be adjudicated during the trial. No prejudice will be caused to the
complainant if application is rejected with direction to proceed further
with the trial. In my view, this is not a fit case to invoke discretionary
powers conferred upon this court under section 143-A of the Act, which
his not mandatory. Hence, I pass following order.
O R D E R
1) The application is rejected.
2) Parties are directed to go for trial and lead
evidence.
3) Order dictated and pronounced in open court.
4) Order be uploaded on Court Web Portal.
( M. P. Saraf )
Judicial Magistrate, First Class,
Date : 10.07.2025 58th Court, Bandra, Mumbai.
J.O.Code: MH01362
CERTIFICATE
I affirm that the contents of this P.D.F. file Order are same, word to word as per the
original Order.
Name of Stenographer : Mrs. Aditi Ravikiran Dalvi
Court : Judicial Magistrate (First Class), 58th Court,
Bandra, Mumbai.
Dictated in open court on : 10.07.2025
Transcribed and Typed on : 10.07.2025
Order printed and Signed on : 10.07.2025
Order Uploaded on : 10.07.2025
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