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Supreme Court Of India

(From : Bombay)*

Hon'ble Judge(s): K. T. Thomas, Ajay Prakash Misra , JJ

(A) Negotiable Instruments Act (26 of 1881) , S.138— Companies Act (1 of 1956) , S.536(2)— Dishonour of cheque - Prosecution of Company - Fact that petition for winding up was presented prior to issuance of notice by payee to pay cheque amount - Would not extricate it from offence - Word 'void' in S. 536 - Does not mean ab initio void - Winding up proceedings do not make company's debt unenforceable. A company cannot escape from penal liability under S. 138 of Negotiable Instruments Act on the premise that a petition for winding up of the company was presented prior to the company being called upon by a notice to pay the amount of the cheque.(Para 30 31) The company cannot resist the prosecution on ground that under S. 536(2) of the Companies Act any disposition of the property of the Company shall be void if it was made after the commencement of winding up proceedings by the Court. And that under S. 441(2) of the Companies Act winding up commences from date of presentation of petition for winding up. While considering the impact of the legislative direction in S. 536(2) that any disposition of the property of the company made after the commencement of the winding up (i.e. after the presentation of a petition for winding up) shall be void two important aspects have to be noticed. First is that, the word 'vo....