( 1 ) THIS revisional application has been filed by two accused petitioners against whom a criminal proceeding under S. 138/141 of the Negotiable Instruments Act, 1881 has been pending. The aforesaid proceeding was started on the basis of a petition of complaint filed by the opposite party, namely the Manager (Recovery) of the State Bank of India, 24 Park Street, Calcutta alleging that the petitioners had issued a cheque in favour of the Bank in discharge of certain debts and that the said cheque bounced. It was accordingly alleged that an offence under S. 138 of the Negotiable Instruments Act was committed and that the accused was liable for punishment under the said Section, read with S. 141 of the Act. The relevant facts which are necessary for consideration of this revisional application may be briefly stated as follows :-

( 2 ) THE Baranagar Jute Factor, company within the meaning of the Companies Act, 1956, was a borrower of the O. P. Bank and the Bank filed a suit against the Company for realisation of a sum of Rs. 352. 43 lakhs. A winding up proceeding was started against the Company at the instance of the creditors and by an order of the' High C