M.K. Mittal, J.—This appeal has been filed against the judgment and order dated 28.8.2004 passed by C.J.M., Varanasi in Criminal Complaint Case No. 4015 of 2004 under Section 138, N.I. Act (hereinafter referred to as an Act) whereby learned Magistrate acquitted the accused of the charge for which he stood trial.

2. Heard Sri. N.M. Sahai, learned Counsel of the Appellants, Sri Sameer Jain, learned Counsel for the opposite party No. 1, learned A.G.A. and perused the record.

3. Brief facts of the case are that the Appellants filed a criminal complaint under Section 138 of the Act alleging that complainant No. 2 was the employee of the complainant No. 1 Fragrant Leasing and Finance Company Limited and had been authorised to present the complaint. The complainant No. 1 used to provide financial assistance after completing the requisite formalities required for adjustment of loan. Accused took a loan of Rs. 11 lacs from complainant No. 1 and in order to repay the loan issued two cheque Nos. 8630 dated 31.12.2001 and 8629 dated 1.4.2002 for Rs. 6 lacs and 5 lacs (total 11 lacs) respectively with the clear understanding and stipulation that the cheques would be honoured and encash