Suresh Kait, J.— Vide the present petition, the petitioner is seeking quashing of the complaint filed by the respondent No. 2 for the offence punishable under Section 138 of the Negotiable Instruments Act, for the reasons that the said compliant is not maintainable as the cheque in question, presented and was dishonoured, was issued towards Security and not towards any lawful outstanding debt or dues.

2. The brief facts of the case are that the petitioner No.1 and Criminal M.C. 1648 of 2011 Page 1 of 25 respondent No. 2 entered into an agreement dated 19.2.2010, in respect of supply of Iron-ore to one M/s Glencore International AG., a company in Switzerland. As per the agreed terms, the petitioners with a covering letter, contemporaneously executed three documents in favour of respondent No.2, wherein, it was specifically mentioned that the three documents were being executed by the petitioners as Security for Mobilisation Advance. The details of the three documents executed by the petitioners are as under:

(A) Promissory Note dated 19.2.2010 for Rs.2.50 crores;

(B) Cheque bearing No. 909722, dated 19.2.2010 for Rs.2.50 crores; and

(C) Bank Guarantee dated 19.2.2010 f