S.P. Garg, J.—Present petition under Section 482 Cr.P.C. has been filed by the petitioners for quashing of complaint case bearing No. 58/1 of 2011 and order dated 07.03.2012 by which they were summoned to face trial for committing offences under Sections 417/418 IPC. Respondent No.2 has contested the petition.

2. I have heard learned Senior Counsel for the petitioners and counsel for the respondent No.2 and have examined the record. Respondent No.2 sole proprietor of M/s. Payless International was granted Bill Discounting Facility to the extent of Rs. 1 crore with a maximum tenure of 120 days which was to expire on 01.11.2008. On 21.10.2008, respondent No.2 tendered two Bills of Exchange for USD 129868.80 and 130723.20 to be sent to National Bank of Dubai for collection on account of M/s. Desert Trip Trading Dubai. Petitioner No.1 discounted the bills and paid a sum of Rs. 1 crore to the respondent No.2 on 23.10.2008. Subsequently, Letter of Variation dated 23.06.2009 was executed whereby terms and conditions were modified. It was to expire on 17.12.2009. The sanction terms were again amended vide Amendatory Agreement dated 17.12.2009 which was to expire on 31.03.2010. On 14