1. Aggrieved by the order dated 9th July, 2016 passed by the learned Metropolitan Magistrate, Dwarka Courts summoning the petitioners for the offence punishable under Section 138 Negotiable Instruments Act (in short the NI Act), the petitioners prefer the present petition seeking quashing of the said order as well as Complaint Case No.5002432/2016 titled as ‘Religare Finvest Limited Vs. Strategic Credit Capital Private Limited & Others’.

2. Before adverting to the legal issues it would be appropriate to give a brief background of the case. The Religare Finvest Limited (in short ‘Religare’) entered into an Assignment Agreement dated 25th July, 2015 with the petitioner No.2/Strategic Credit Capital Private Limited (in short ‘the Strategic’) through its Director Padma Vathy/petitioner No.1, for assignment of the loans and receivables along with all rights, title and interest therein for a total consideration of Rs.530,02,40,678/- (Rupees five hundred and thirty crore two lakh forty thousand six hundred and seventy eight only). The Assignment Agreement obligated Strategic to issue a Standby Letter of Credit (in short ‘the SBLC’) for a sum of Rs.540 crores in favour of Religare