Negotiable Instruments Act, 1881–Sec. 138–Insolvency and Bankrupty Code, 2016–Secs. 14 & 16–Criminal proceedings–Declined to quash–Appellant was the director of Company and when the notice of demand was issued, he was not in-charge of corporate debtor because on 25.07.2018, the moratorium had been imposed and the management of the corporate debtor was taken over by interim resolution professional as per Section 17 of the IBC–The powers vested with the Board of Directors were to be exercised by the IRP in accordance with the provisions of BC–All the bank accounts of the corporate debtor were operating under the instructions of IRP–It was not possible for the appellant to repay the amount–High Court ought to have quashed the case against the appellant.
