JUDGMENT :

1. By way of this application filed under Articles 226 and 227 of the Constitution of India, the applicants have challenged the order dated 13.04.2022, passed by the learned Additional Chief Metropolitan Magistrate (N.I. Act Court No.30), Ahmedabad whereby in an application Exh.14 for grant of interim compensation under Section 143A of the Negotiable Instrument Act, 1881, (hereinafter referred to as “N.I. Act”), the learned Magistrate has granted compensation @ 20% of the cheque amount in favour of the respondent no.2 (hereinafter referred to as “the complainant”) and directed the applicants to pay the same within 60 days from the date of order.

2. Facts and circumstances giving rise to filing of present application are that, the complainant has filed the private complaint being Criminal Case No.11782 of 2021 under Section 138 and 141 of the N.I. Act, as the cheques drawn by the accused for an amount of Rs.4 crore, in favour of the complainant were returned unpaid on the ground “account closed”.

2.1 According to the case of complainant, the applicants-accused availed a loan, under loan agreement dated 31.07.2018 and amount of Rs.5 crore was disbursed on various dates. The l