1. Heard the learned counsel for the respective parties. This is an application for special leave to appeal against the order of acquittal passed by the learned Judicial Magistrate, First Class, Court No.3 at Nashik on 20/1/2007 in R.C.C. No. 18 of 2006 filed under Section 138 of the Negotiable Instruments Act, 1881 (for short the Act).

2. The said complaint was filed on account of dishonour of Cheque No. 167547 dated 25/4/2005 and in the sum of Rs.48,01,029/- drawn over the Punjab National Bank. The statutory demand notice was issued on 23/11/2005 and it was received by the accused on 25/11/2005 and as the accused failed to pay the amount of the dishonoured cheque within 15 days, the complaint came to be filed. The complainant had filed affidavit for examination-in-chief at Exh.18 and he was subjected to cross-examination by the learned Advocate of the accused. The dishonoured cheque was at Exh.22 and the memos of the respective banks was at Exhs. 25 and 44, whereas the statutory notice was at Exh.26 and the acknowledgement receipts were at Exhs.27(1) to 27(4). The reply to the statutory notice was given on 7/12/2005 at Exh.28. On examination of the oral and documentary evidence,

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