This Criminal Petition under Section 482 of the Code of Criminal Procedure (for short ‘Cr.P.C.’) is filed by the petitioner-A.3 seeking to quash the proceedings against her in C.C.No.31 of 2008 on the file of the XVIII Additional Chief Metropolitan Magistrate, Hyderabad. The case of the complainant-first respondent as per the private complaint filed under section 200 Cr.P.C. is that A.1 being M/s.Software Solutions duly represented by its Partner A.2 availed term loan of Rs.15 lakhs from the Complainant Bank, for which A.3 stood as guarantor agreeing to repay the loan amount in case of default by A.1 and A.2. Thereafter, A.1 and A.2 committed default in payment of instalments and fell due of an amount of Rs.14,51,573/- as on 30.09.2002, which the accused failed to pay in spite of several demands. As such, the complainant approached the Arbitrator i.e. Deputy Registrar of Co-operative Society, Ranga Reddy District East, who passed an award dated 28.01.2004 in case No.18/2004/G for an amount of Rs.14,51,573/- together with certain interest. Subsequently, A.2 and A.3 addressed a letter dated 11.02.2005 undertaking to pay a sum of Rs.5,58,000/- on 10.03.2005 and a further sum