BIFR Restraint Order Not a Blanket Bar on S. 138 NI Act Proceedings Against ‘Sick’ Company: SC

The Supreme Court of India, in a significant ruling, has held that a restraint order passed by the Board of Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) does not automatically bar criminal proceedings under Section 138 of the Negotiable Instruments Act, 1881, for cheque dishonour. A bench

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