Sri Vasavi Industries Limited v. Pec Limited & ORS.
$~21 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CRL.M.C. 1801/2023 & CRL.M.A. 6930-6931/2023 & CRL.M.A. 6934/2023 SRI VASAVI INDUSTRIES LIMITED .....Petitioner Through:
Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Mayank Biyani and Mr.
Abul Hasan Khan, Advocates versus PEC LIMITED & ORS.
.....Respondents Through:
Mr. Krish Kalra, Advocate Mr. Vikhyat Oberoi, Mr. Shivam Prakash, Mr. Ravi Sharma and Ms.
Nishita Gupta, Advocates for R-4
CORAM:
HON'BLE MR. JUSTICE MANOJ JAIN
O R D E R
% 05.02.2026 1.
The sole grievance raised in the present petition by the accused company, who is facing proceedings under Section 138 r/w Section 142 of Negotiable Instruments Act, 1881, is to the effect that since company has undergone insolvency and since Resolution Plan has, even, been approved, in view of the settled position of law i.e. Sections 31 r/w Section 32A of Insolvency and Bankruptcy Code, 2016, as well as in view of P. Mohan Raj Others Vs. Shah Brothers Ispat Pvt. Ltd. (2021) 6 SCC 258, no proceedings can continue against the accused company.
2.
Learned counsel for respondent/complainant company submits that he does not dispute the legal position. He, however, submits that let an application to the aforesaid effect be made by the petitioner company before CRL.M.C. 1801/2023 1 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/02/2026 at 12:09:33
the learned Trial Court and he would not oppose such application even before the learned Trial Court.
3.
Such statement is taken on record.
4.
In view of the above, without prejudice to the rights and contentions, present petition is, accordingly, disposed of as not pressed, with direction to petitioner company to move appropriate application before learned Trial Court.
5.
Pending applications also stand disposed of in aforesaid terms. MANOJ JAIN, J FEBRUARY 5, 2026/dr/pb CRL.M.C. 1801/2023 2 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/02/2026 at 12:09:33