JUDGMENT :

1. This petition has been filed for quashing of entire criminal proceeding in connection with Complaint Case No.722 of 2016 including order taking cognizance dated 06.03.2017 passed by the learned Judicial Magistrate, Ranchi whereby cognizance of offence under section 138 of Negotiable Instruments Act, 1881 has been taken and summons has been directed to be issued against the petitioner, pending in the court of Judicial Magistrate-VIII, Ranchi.

2. The complaint has been lodged alleging therein that the petitioner on behalf of M/s Media Eleven Pvt. Ltd. approached the respondent bank for a cash credit facility of Rs.1,25,00,000/- in capacity of a Director and accordingly the same was granted to M/s Media Eleven Pvt. Ltd. In view of the repayment of the above said loan the petitioner on behalf of M/s Media Eleven Pvt. Ltd. issued a cheque being No.197975 dated 05.02.2016 of Rs.4,00,000/- of Axis Bank, Ranchi Branch, Ranchi.

3. It is further alleged that on deposition of the cheque by the respondent bank the same was bounced and returned unpaid by the Axis Bank, Ranchi Branch, Ranchi with remarks ‘payment stopped by drawer’. Thereafter even after serving legal notice dated 26.