- (1.) This is a petition under Section 482 Code of Criminal Procedure for quashing of the impugned complaint No. 3560 of 2010 dated 28.07.2010 filed under Section 138 read with Section 142 of Negotiable Instruments Act and the summoning order dated 28.09.2010.
(2.) Petitioner No. 1, a private Company, is stated to be manufacturing garments and supplying the same to M/s Liverpool Retail India Limited. Since the amount involved in the purchase orders is huge, the Petitioner has availed domestic factoring facility extended by Respondent-M/s Bibby Financial India Pvt. Ltd. Under this facility the Respondent Company pays sale amount to the extent of 80% of the sale invoices raised by the Petitioner company towards the goods supplied to M/s Liverpool Retail India Limited.
(3.) For clarification and proper understanding, it may be noticed that in the present transaction, the Petitioner No. 1 is the borrower, Respondent is the Factor' and M/s Liverpool Retail India Limited are the purchasers.;