Before answering your query, the below mentioned information and/or details are required to give you most appropriate reply:
1. Contents of your agreement with the Company i.e., terms and conditions etc.
2. Confirmation that the cheque issued by you is dated 19.10.2015.
3. Said chequue was presented on 27.01.2016.
IF ANSWER FOR Point No.2 & 3 above is YES:
Then you are safe, i.e., the validity of cheque is ONLY THREE MONTHS from date of issue of such Cheque *****
Going by the above fact, you have the best possible ground to contest the case.
You can also take action against the Bank for acting on the same IN collusion with the Company without RETURNING it as it was presented beyond the mandatory period of 3 months.
All said and done, you need to contest the money recovery case filed against you by filing your pleadings and also action taken against the Bank and also your colleagues etc. (mandatory)
Further details / guidance can be shared upon getting clear details of your understanding with your colleagues.