Section 138

I am a director in a construction company. We obtained loans from the banks and financial institutions for equipment finance. At the time we had to give them cheques against the loan We have paid half of our emis. Due to a downturn in the economy we were unable to pay our balance installments and our account became NPA. The banks have now filed criminal cases against us citing section 138. I want to know if we are liable under section 138 under these circumstance.