AJAY KUMAR RADHEYSHYAM GOENKA vs TOURISM FINANCE CORPORATION OF INDIA LTD.

The Supreme Court examined the validity of criminal proceedings initiated under Section 138 of the Negotiable Instruments Act against a company and its promoter, based on a dishonored cheque. The Court analyzed whether the legal notice and subsequent acknowledgment of liability by the accused were sufficient to establish the offence. The Court emphasized the importance of proper compliance with procedural requirements under the NI Act and upheld the criminal proceedings, affirming the liability of the appellant and the company.