No Escaping From Penal Liability By Citing Company’s Dissolution

On March 15, 2023, a three judge bench of the Supreme Court in the case of Ajay Kumar Radheyshyam Goenka vs Tourism Finance Corporation of India Limited[1] and other connected matters held that personal liability of a signatory/director of a company in a cheque dishonour case filed under the Negotiable Instruments Act, 1881 (“NI Act”) cannot...