Personal Liability Under Section 138 NI Act Remains Despite Insolvency Proceedings Under IBC: Himachal Pradesh High Court

In a significant ruling, the Himachal Pradesh High Court has clarified that personal liability under Section 138 of the Negotiable Instruments Act (NI Act) continues to apply even when insolvency proceedings are initiated under the Insolvency and Bankruptcy Code (IBC). Justice Sandeep Sharma delivered the judgment, decisively stating that insolvency proceedings do not absolve an

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