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Loan default: Directors remain personally liable under NI Act even if company’s debt is settled through IBC proceedings, rules Bombay High Court

Loan default: Directors remain personally liable under NI Act even if company’s debt is settled through IBC proceedings, rules Bombay High Court

Directors of an insolvent company remain liable for bounced cheques under the Negotiable Instruments Act, even if the company's debts are settled via the Insolvency and Bankruptcy Code. The Bombay High Court ruled that criminal proceedings against directors f…

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