O R D E R

The accused Nos.1 & 2 in S.T. No.2696/2017 on the files of the Judicial First Class Magistrate Court-I, Ettumanoor, has filed this petition under Section 482 of the Code of Criminal Procedure, 1973, to quash the proceedings against them in the aforesaid case. The allegation against the petitioners is that they committed the offence punishable under Section 138 of the Negotiable Instruments Act,1881(in short, ‘ NI Act’).

2. The case of the complainant/second respondent is summarised as follows:

The petitioners who conduct money lending business under the name and style “P.K. Financiers” availed a loan of Rs.85,00,000/- from the complainant during the year 2012-2013. Towards the repayment of the said amount, two cheques of Rs.30,00,000/- each, and one cheque for Rs.25,00,000/- were issued to the complainant. Among the above three cheques, the cheque dated 10.05.2007 with Number 592704, was drawn on the account of the proprietor (first petitioner/ first accused) of P.K. Financiers and executed by the second accused/ second petitioner as the authorised signatory. The aforesaid cheque, when presented for collection, was dishonoured due to insufficiency of funds in the account