Cheque bounce

I had paid Rs 2 lacs as registration fees for securing admission to MBBS under management quota, for my daughter, to a consultancy group. However they could not secure a seat following which I asked for a refund as per the conditions. The firm issued 2 PDCs valued at Rs 90,000 each. After I presented the first cheque, my bank returned it to me citing ' insufficient funds' as the reason. Then I approached the Director of the firm, who told me to bear with him for some time. Although he assured to come back to me with fresh dates for deposition of cheques, it has been more than 15 days that there has been no response from him. The value date of the first cheque was 15th Dec'15 and the second one was 31st Dec'15. While the first cheque has been presented once, the the second one hasn't been presented so far since the Director had asked for some more time. I live in Mumbai whereas the cheques were issued on a bank in Vadodara. I haven't issued any notice to the firm so far. I am told a cheque can be deposited thrice. is it true? Looking at the value, does it justify to go for legal recourse since the Director's intent don't look right? How should I proceed in case the cheques are not honoured and the validity period lapses?