The moratorium provisions contained in Section 14 of the Insolvency and Bankruptcy Code, 2016 would apply only to the corporate debtor and that the natural persons mentioned in Section 141 of the Act would continue to be statutorily liable under the provisions of the Act.

Case details

Narinder Garg vs Kotak Mahindra Bank | 2022 LiveLaw (SC) 428 | WP(C) 93 OF 2022 | 28 March 2022

Coram: Justices UU Lalit, S. Ravindra Bhat and PS Narasimha

Counsel: Sr.Adv Gopal Sankaranarayanan

Headnotes

Insolvency and Bankruptcy Code, 2016 ; Section 14 - Negotiable Instruments Act, 1881 ; Section 138 and 141 -  Moratorium - Liability of natural persons like a Director of the Company - The moratorium provisions contained in Section 14 of the Insolvency and Bankruptcy Code, 2016 would apply only to the corporate debtor and that the natural persons mentioned in Section 141 of the Act would continue to be statutorily liable under the provisions of the Act.