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    28Dec, 2022
    Cases admitted with NCLT/NCLAT under the IBC, 2016 shall also be reported in Uniform Credit Reporting Format: RBI
    DATA FORMAT FOR FURNISHING OF CREDIT INFORMATION TO CREDIT INFORMATION COMPANIES AND OTHER REGULATORY MEASURES
    CIRCULAR NO. DOR.FIN.REC.90/20.16.056/2022-23, DATED 13-12-2022
    Please refer to the Circular DBOD.No.CID.BC.127/20.16.056/2013-14, dated June 27, 2014, inter alia setting out a Uniform Credit Reporting Format for reporting credit information to the Credit Information Companies (CICs).
    It is clarified that cases admitted with National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) under the Insolvency and Bankruptcy Code, 2016 are also required to be reported under the suit-filed cases in reporting to the CICs.
    Credit Institutions (CIs) shall ensure implementation of this circular latest by February 28, 2023.
    (J.P. Sharma)
    Chief General Manager
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    **ADV VAIBHAV**All rights reserved.
    28Dec, 2022
    Prosecution against MD for cheque dishonor can’t be quashed on plea that he wasn’t in charge as IRP was appointed by NCLT

    FEMA, BANKING & INSURANCE/IBC : Vicarious prosecution against MD for dishonour of company’s cheque can’t be quashed on the plea that he was not in charge as IRP had been appointed by NCLT.

    • Vicarious prosecution against Managing Director of company for dishonour of company’s cheque can’t be quashed on the plea that he was not in charge as Interim Resolution Professional had been appointed and he was not in charge of company’s affairs and had not signed the disputed cheque as these are matters of fact which can be determined only during a trial.

    • Disputed facts cannot be gone into by HC by holding a enquiry or a mini trial at this stage. With regard to maintainability of the complaint, in view of the order passed by the Hon’ble Supreme Court in the above stated decision, the complaint as against this petitioner/A3 and the 2nd accused is maintainable and the same can be proceeded. The protection granted vide order of the National Company Law Tribunal under Section 14 of the I&B Code, is not extended to persons involved in the affairs of the company. The protection was only for the corporate debtor. Other disputed facts has to be gone into only at the time of trial.
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    HIGH COURT OF MADRAS
    G. Ajay Agarwal
    v.
    Bhagwandas and Co.
    RMT. TEEKAA RAMAN, J.
    CRL. O.P.NO. 26935 OF 2018
    CRL.M.P.NO. 15550 OF 2018
    SEPTEMBER 28, 2022
    M.A. Mathew Berchmans for the Petitioner. K. Bijai Sundar for the Respondent.

    **ADV MEGHA** ALL RIGHTS RESERVED.

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    Prosecution against MD for cheque dishonor can’t be quashed on plea that he wasn’t in charge as IRP was appointed by NCLT