1. - This Misc. Petition under Section 482 Cr.P.C. has been filed for quashing the proceedings before the court below.

2. The relevant facts of the case are that respondent No. 2 filed a complaint against present petitioner which was sent for investigation and after investigation, police filed a negative final report that no criminal case is made out against the present petitioner as the grievance between the parties was that of non payment of interest @ 10% on the security amount. The complainant filed a protest petition on which cognizance has been taken against the present petitioner for the offence under Section 406 IPC. The contention of the present petitioner is that if the facts narrated in the complaint are taken on its face value, no criminal case is made out against him. The only allegation against the petitioner is that he has not honoured the agreement between the parties and 10% of interest amount has not been paid, hence it is a breach of contract, non compliance of a commercial transaction and cognizance be quashed.Per contra, the contention of the respondent is that cognizance has rightly been taken against the present petitioner and complainant cannot be fo