Where the proceedings under Section 138 of NI Act already commenced and taken cognizance and during pendency the company dissolved, the signatory/directors cannot escape their penal liability- Supreme Court of India

Ajay Kumar Radheyshyam Goenka vs Tourism Finance Corporation Of ... on 15 March, 2023

2023-Mar-22

Author: Sanjay Kishan Kaul
Bench: Sanjay Kishan Kaul, Abhay S. Oka, J.B. Pardiwala
REPORTABLE
IN THE SUPREME COURT OF INDIA
APPELLATE JURISDICTION
CRIMINAL APPEAL NO.172 OF 2023

AJAY KUMAR RADHEYSHYAM GOENKA …APPELLANT

Versus

TOURISM FINANCE CORPORATION OF INDIA LTD. …RESPONDENT
With
Crl. A. No.170/2023
Crl.A. No.171/2023

JUDGMENT
SANJAY KISHAN KAUL, J.
Factual Background:
1. M/s Rainbow Papers Limited (company incorporated and registered under the Companies Act, 1956), of which Ajay Kumar Radheyshyam Goenka, the Appellant before us, was the Promoter and Managing Director, Signature Not Verified Digitally signed by ASHA SUNDRIYAL sought loans from a public financial institution, Tourism Finance Date: 2023.03.15 18:53:29 IST Reason:
Corporation of India Limited, the Respondent before us, to fulfil its various
corporate requirements. The proposal of the company was considered by the Respondent and approval was granted for a Term Loan of Rs. 30.00 crores.
In pursuance to the approval, a Loan Agreement was executed on 27.03.2012 in New Delhi.

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