1. Heard Mr. R. Pai, learned Counsel for the petitioner and Mr. Sudesh Usgaonkar, learned Counsel for the respondent. Rule. By consent returnable forthwith.

2. By this petition, the petitioner challenges the criminal proceedings initiated against him by the respondent before the Chief Judicial Magistrate, Panaji in Criminal Case No.868/0AINI/2005/ A.

3. Briefly the facts relevant for disposal of the present petition, are as under:

The respondent filed above complaint under section 138 of Negotiable Instruments Act ('The Act' for short) for dishonour of cheque dated 29-03-2005 for Rs.26,13,500/-issued by the petitioner. The respondent filed affidavit in support of the complaint on the basis of which the learned Chief Judicial Magistrate issued process against the petitioner under section 138 of the Act. After the process was issued, the plea of the petitioner was recorded, to which the petitioner pleaded not guilty. Thereafter, the matter was adjourned from time to time inter alia for exploring possibility of settlement.

4. Learned Counsel for the petitioner submitted that the proceedings initiated against him, are not maintainable primarily on the ground that the learned Mag