JUDGMENT :

Prayer: Criminal Original Petition filed under Section 482 of Criminal Procedure Code, to call for the records and quash the proceedings on the file of V Judicial Magistrate, Salem bearing C.C.No.18 of 2014 as against the petitioners for an offence under section 138 of Negotiable Instruments Act, 1981.

1. This petition has been filed to quash the proceedings initiated under section 138 of the Negotiable Instruments Act in C.C.No.18 of 2014 on the file of the V Judicial Magistrate Court, Salem.

2. The crux of the complaint is that the respondent had extended financial facility in the form of short term loan to the petitioner company for the development of business. The accused have borrowed a sum of Rs.10 crores out of the sanctioned limit of Rs.15 crores as a short term loan and also executed necessary documents for the above said loan as per the terms and conditions of the banking rules and regulations. The accused had also issued a cheque bearing No.72625 dated 02.04.2013 for a sum of Rs.2,90,81,000/-, drawn on ICICI Bank, Shevapet Branch, Salem towards part payment of the said loan amount. When the above cheque was presented for encashment on 03.04.2013, the same was dis