#recovery

In a matter of Ajay Kumar Radheshyam Goenka v. Tourism Finance Corporation of India Ltd, The Supreme Court on Thursday reiterated that the insolvency process initiated to recover debt does not absolve accused from criminal liability in cheque dishonour cases. A Bench of Justices Sanjay Kishan Kaul, Abhay S Oka and JB Pardiwala clarified that  proceedings under Section 138 of the Negotiable Instruments (NI) Act are penal in character and not mere recovery or suit proceedings. "We are...