JUDGMENT :

1. Rule. Rule made returnable forthwith and, with the consent of the counsels for the parties, heard finally.

2. These applications under section 482 of the Code of Criminal Procedure, 1973 (the Code) assail the orders of issue of process against the applicants for an offence punishable under section 138 read with 141 of the Negotiable Instruments Act, 1881 (the Act, 1881) passed by the learned Metropolitan Magistrate, 28th Court, Esplande, Mumbai.

3. The background facts leading to these applications can be stated in brief as under:-

a] M/s. Rangara Industries Private Limited (accused No.1) (hereinafter referred “M/s. Rangara”) is a company in liquidation. The applicant Nos. 1 and 2 were the Directors of M/s. Rangara. The later owed a certain liability towards M/s. Surajbhan Rajkumar Private Limited (M/s. Surajbhan), a company incorporated under the Companies Act, 1956. Alleging that M/s. Rangara was not in a position to discharge its debt, the complainant instituted a Company Petition No. 207 of 2013 under section 439 of the Companies Act, 1956 for winding up of M/s. Rangara.

b] By an order dated 24th November, 2014 the said Company Petition was admitted. Subsequently conse