JUDGMENT

Madhumati Mitra, J.—Petitioner no.1 is a company incorporated under the provision of Companies Act and petitioner no.2 is the Regional Legal Manager, Petitioner nos. 3,4,5,7 and 11 are the Independent Directors of the petitioner no.1, petitioner no.6 is the Chairman and Managing Director of petitioner no.1 and petitioner nos. 8 and 9 are the Executive Directors of petitioner no.1 and petitioner no.10 is the Executive Director of petitioner no.1.

2. Petitioners have approached for quashing of the criminal proceedings initiated on the basis of complaint filed by the opposite party i.e. C. Case no.588 of 2017 under Section 406/465/468/469/471 read with Section 34 and 120B of the Indian Penal Code pending before the Learned Metropolitan Magistrate, 19th Court, Calcutta.

3. Before dealing with the rival submissions of the parties, it would be appropriate to set out the facts briefly.

4. Complainant took loan of Rs.10,00,000/- from petitioner no.1 company and agreed to repay the same along with interest by way of 24 equal monthly instalments of Rs.50,896/- each. Complainant executed loan agreement and ECS debit mandate in favour of petitioner no.1 for the amount of 24 EMI to be