Kirshna Texport & Capital Markets Ltd vs Ila A Agrawal & Ors

The Supreme Court addressed the requirement of issuing statutory notices under Section 138 of the Negotiable Instruments Act, 1881, holding that individual notices must be served to each director of a company for them to be held liable. The Court affirmed the High Court's decision to acquit the directors, citing the precedent set in B. Raman & Ors. Vs. M/s. Shasun Chemicals and Drugs Ltd., which mandates compliance with this requirement. The appeal was dismissed, upholding the acquittal of the respondents.