Clarification regarding cheque bounce case

I have supplied a material against 10 days cheque dated 27.12.2017 to a one coimbattore party (dealer). He received the material from us and when we submit the cheque on the date of cheque, he requested to present us 05.01.2018, as he claimed that the Purchase order ( raised by him) mentioned that payment terms is 10 days from date of receipt of the material at his end. On presentation of cheque in our bank on 05.01.2018, the cheuqe got bounced as insufficient funds. Value Cheque is Rs.5,93,250/- Later , Party requested us to make online payment through net transfer. After few days he transferred Rs.1,13,250/- and Rs.1,00,000/- and balance of Rs.3,60,000/- is still due for payment. Daily he is postponing the payment by saying various reasons. Almost 23 days completed as of now.today( 28/01/2018), please advice us what action to be taken against him, whether we have to file FIR in the police station or not? Whether cheque validity for filing legal case?