ibc138 - An Overview
ibc138 - An Overview
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Additionally, S.138 proceedings are penal in character directed at punishing an individual (like a director or signatory) for his or her failure to honor their obligations less than a cheque. This differs from Restoration proceedings which are generally stayed all through a moratorium time period.
The interaction involving these two sections has been a subject matter in many court situations. The main element query is whether an interim moratorium under Part 96 of IBC would continue to be a criticism beneath Portion 138 of NI Act.
Hence, although initially look it might seem inconsistent, upon nearer assessment it will become distinct why courts have held that S.ninety six moratorium does not stay S.138 proceedings.
Immediately after 4 decades of serving the community's programing requires, IBC-13's studios and amenities had been deserted because of carelessness and their network's mismanagement. Their cameras, lighting, props together with other gear were being aged and dilapidated.[citation desired] Budgets were Minimize and they may not afford to pay for to carry on radio and tv functions. Their programming and airtime had been dropped after a network war within the late nineteen eighties and nineties and several staff members lost their Careers.
The court docket clarified that Area 138 prescribes punishment and compensation for bouncing a cheque and isn't a Restoration proceeding2.
IBC signed a blocktime settlement with TV5's sports division Sports5 to air Reside sports activities coverage by way of its sports programming block AKTV.
ninety six in personal insolvency context, it’s essential to Observe that these are definitely two distinct provisions handling differing kinds of insolvency – company and private respectively.
Section 138 of your Negotiable Instruments gives that in the event of dishonour of cheque for insufficiency of cash or for just about any prescribed good reasons, the defaulter can be punished with imprisonment for the term which may prolong to two decades, or with high-quality which can lengthen to twice the amount of the cheque, or each.
Though it might sound logical to apply precisely the same reasoning from P Mohan Raj’s case about moratorium below S.14 on corporate insolvency to S.
The creditors in the debtor shall not initiate any authorized motion or proceedings in regard of any debt.
IBC signed a blocktime agreement with TV5's sporting activities division Sports5 to air Dwell athletics coverage by using its sports programming block AKTV.
When it grew to become a condition channel, a brand new emblem debuted that includes IBC and 13 on separate circles, a revamp of the previously brand which debuted in 1978–79. The new slogan "Basta Pinoy sa Trese" was in a circle to commemorate the Folks Electricity Revolution.[citation essential]
When it became a point out channel, a new logo debuted that includes IBC and 13 on different circles, a revamp of the previously emblem which debuted in 1978–seventy nine. The new slogan "Basta Pinoy sa Trese" was inside a circle to commemorate the People today Electric power Revolution.[citation required]
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Management tried using and failed to revive the unwell-fated network. There were various ideas to promote and privatize IBC and RPN.
Over the interim-moratorium time period: Any lawful action or proceeding pending in regard ibc138 of any personal debt shall be considered to are already stayed.