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Can declaring bankrupt or insolvent save me from a cheque bounce case


23-Apr-2023 (In Cheque Bounce Law)
If someone declare himself insolvent or bankcrupt in the check bouncing case.can he escape from punishment?
Answers (5)

Answer #1
654 votes
Dear Querist,

If someone declare himself insolvent or bankrupt still is liable for punishment. He/she will be liable for the punishment. Once he gave you cheque and he is liable to pay. If cheque will dishonour he is liable for punishment.

Answer #2
665 votes
No , he cannot escape. Even 420 can also be filed. And tgis will lead to punishment as per the law. But there are many other methods which can save accused and if those things are prooved then accused can save himself.
Answer #3
882 votes
No, this is Criminal case. You can't give these reasons .No, this is Criminal case. You can't give these reasonsNo, this is Criminal case. You can't give these reasonsNo, this is Criminal case. You can't give these reasonsNo, this is Criminal case. You can't give these reasons
Answer #4
520 votes
No, a person who declares insolvency cannot escape punishment that is prescribed under Section 138 of the Negotiable Instruments Act. The criminal liability under the said Act endures regardless of the pendency of an insolvency petition and regardless of its final outcome.
Answer #5
798 votes
in such a situation, the complainant shall have a remedy of filing winding up petition against he company in National company law tribunal and recover his money from your assets which shall go in the custody of the provisional liquidator appointed by the Court as the Court upon your admission shall allow the winding up petition against you.

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