JUDGMENT (ORAL)

Mukta Gupta, J.—By the present petition the petitioners pray for quashing of complaint case No. NI-1080/14 titled “Sanjay Bansal vs. Gangotri Enterprises Ltd. & Ors.” and the order dated 16th January, 2015 issuing summons and the proceedings emanating therefrom.

2. In the complaint the respondent alleged that as per the Memorandum of Understanding dated 7th December, 2007 the respondent No.2 was to supply bitumen/LDO, Bitumen emulsion on various dates as per the demands by the petitioners at different sites. In lieu of the material supplied the petitioners handed over two post-dated cheques bearing Nos. 038531 and 038532 for a sum of Rs.25 lakhs each as guarantee against the supplies. It was agreed that the petitioner No.1 would make regular payments and in case of default the cheques could be presented for encashment. Towards the discharge of an outstanding liability of Rs.4.17 crores the petitioner gave directions to the respondents to present the two cheques dated 25th April, 2012 on the assurance that the same would be encashed on presentation. The said cheques were returned unpaid with the remarks “account closed” vide return memo dated 26th April, 2012. The re