ORDER :

This Criminal Original Petition has been filed praying to quash the proceedings in C.C.No.2556 of 2013, pending on the file of the Learned XIV Metropolitan Magistrate, Egmore, Chennai and the same and pass such further other orders as this Hon'ble Court may deem and quash the same.

2. The learned counsel appearing for the petitioners would submit that the first petitioner is an banking company, incorporated under the Laws of Natherlands, carrying on business, all over India, represented by its power Agents, Mr. Anurag Desai and Mr. Dinkar, both duly authorized vide Power of Attorney dated 11th November 2010. The second and third petitioners are the Branch Manager / Authorized Signatory of the first petitioner Bank respectively. The learned counsel further submitted that the Respondent herein is the Managing Director of a Company known as M/s.Subhiksha Trading Services Limited (hereinafter referred to as the “Said Company”). The said company was incorporated as a Private Limited Company on 10.04.1997. It later became a Public Limited Company, under the provisions of the Companies Act, 1956, on 30th March 2005. The said Company was involved in the business of Retail Trade and in the Course of business, established several retail outlets all over India. At request of the said company, the first petitioner bank had granted financial assistance, viz., overdraft facility for INR 200 million and Short term Loan for INR 150 million to the said Company, vide letter dated 9th March 2007. Subsequently, the first petitioner Bank through letter dated 18th April 2007, extended the short Term Loan from INR 150 million to INR 300 million to the said company ( hereinafter collectively referred to as “said Facilities”) based on a request from the said Company. For availing the said facilities, the respondent, who is the Managing Director of the said Company, has executed a Personal Guarantee in favour of the first petitioner Bank.

3. Continuing further, the learned counsel for the petitioners submitted that the said Company availed various credit facilities not only from the first petitioner bank but from 13 other Banks/ Financial Institutions. The outstanding loans due and payable by the said Company to the Banks/ Financial Institutions is more than INR 800 crores, as of March 2009 itself. The security that was granted to various Banks/ Financial Institutions by the said Company was the stock in trade, book debt, inventories and receivables. Thereafter, the said company failed to repay the loan amounts and committed default and therefore, the first petitioner bank recalled the said facilities vide notice, dated 23.02.2010 and called upon the said Company to repay the outstanding loan together with interest thereon, failing which, the first petitioner sought to wind up the said Company. The said company failed to repay the outstanding loan together with interest thereon as demanded in the notice.

4. In such circumstances, the first petitioner Bank filed an application in O.A.No.182 of 2011, as against the said Company and the respondent herein, under Section 19(1) of the Recovery of Debts Due to Banks and Financial Institutions Act 1993, which is pending before the Debts Recovery Tribunal-I, Chennai. Pursuant thereto, the respondent, who is the Managing Director of the said Company and second defendant in O.A.No.182 of 2011, pending on the file of the Debts Recovery Tribunal-I, Chennai, filed a private complaint under section 200 of the Code of Criminal Procedure, 1973, for alleged offence under Sections 500 and 501 of the Indian Penal Code, 1860, before the Learned XIV Metropolitan Magistrate, Egmore, Chennai-600 008. The Learned XIV Metropolitan Magistrate, Egmore, Chennai, erroneously took cognizance of the said complaint filed by the respondent and issued summons to the petitioner herein. Aggrieved by the same. The petitioners preferred the present Criminal Original Petition before for the aforesaid relief.

5. It was contended by the lea