P.R. Borkar, J.—This is an application for leave to file appeal against the order of acquittal, passed by the learned Judicial Magistrate, First Class, Court No. 1, Ahmednagar in S.T.C. No.960 of 2008, decided on 21.1.2009, whereby the respondent is acquitted of offence punishable under Section 138 of the Negotiable Instruments Act.

2. Brief facts giving rise to this application may be stated as below:

Present application has filed private complaint alleging that the complainant is a cooperative society registered under the Maharashtra Cooperative Societies Act, 1960. It is doing Banking business. The respondent for .his business had taken loan of Rs. 2,00,000/- (Rupees two lakh only) on 18.10.2000 and for satisfaction of the loan, he executed promissory note, mortgage deed, guarantee deed, etc. The respondent has agreed to repay amount from time-to-time by instalments. Accordingly, cheque No.500276 of Rs. 87,209/- drawn on Ahmednagar Merchants Cooperative Bank Ltd., Branch-Dalmandai, Ahmednagar, was issued. The cheque was dated 24.1.2008. When the complainant/applicant presented the cheque, it was dishonoured on the ground of insufficiency of funds. Thereafter, on 11.2.20