Ajay Kumar Radheyshyam Goenka vs Tourism Finance Corporation Of India ...

The Supreme Court examined the legal validity of a cheque issued towards loan repayment and the obligations of the borrower under a loan agreement. The court analyzed whether the issuance of a post-dated cheque constituted a legally enforceable debt and the circumstances under which criminal liability for dishonour could be established. The judgment clarified the procedural and substantive aspects of cheque bounce cases involving corporate borrowers. Ultimately, the court emphasized the importance of adhering to contractual obligations and the legal procedures for prosecuting dishonour of cheques.