R. M. S. Khandeparkar, J.—Heard. Perused the records.

2. The petitioner seeks to challenge the proceedings initiated against him under the provisions of Section 138 of the Negotiable Instruments Act, 1881 (hereinafter called as the said Act) as well as the provisions of Section 138 of the said Act.

3. The petitioner is a businessman running a Dal Mill under the name and style of Goenka Industry at Akola. In the course of business certain transactions took place between the petitioner and the respondent No.2. A complaint came to be filed by respondent No.2 under Section 138 of the said Act in the court of Judicial Magistrate, First Class, Akola. According to the respondent No.2 a sum of Rs.3,00,000 was found to be outstanding against the petitioner on 23.1.1999 and in respect thereof a postdated cheque was issued on Akola Janata Commercial Cooperative Bank Ltd. The cheque was dated 28.12.1999. It was presented to the bank for encashment on 24.6.2000 but it was dishonoured and, therefore, a notice of 15 days was served upon the petitioner on 4.7.2000 and since the petitioner failed to pay the money within the stipulated time, a complaint came to be filed on 14.8.2000. Conseq