Power of Court to acquit accused at any stage. Nothing in this Chapter shall be deemed to prevent a Court from acquitting an accused at any stage of the case; if, after hearing the prosecutor and the accused and for reasons to be recorded, it considers that there is no probability of the accused being convicted of any offence.
Application under section 265-k of Cr.PC is filled to put a stop on abuse of process of court.
The bare readings of section 265-K states that accuse can file this application, if there is no probability of conviction.
Another point which is very relevant here is that one can file Application under section 265-k of Cr.PC at any stage. Whether charge is framed or not. evidence is recorded or not.