( 1 ) A question of interpretation of section 138 of the Negotiable Instruments Act, 1881 has been raised in this revisional application. The petitioner no. 2 as Director of the petitioner no. 1 Company issued the following four cheques towards the discharge of their liabilities against the dues of the opposite party complainant, viz. (1) Cheque No. 850816 dated 15-5-92 for Rs. 14,356/-, (2) Cheque No. 850817 dated 10-6-92 for Rs. 2,746/-, (3) Cheque No. 850818 dated 10-6-92 for Rs. 8,000/-, (4) Cheque No. 850819 dated 10-7-92 for Rs. 11,740/ -.

( 2 ) THE total amount under those four cheques was Rs. 36,842/ -. Those were however all post-dated cheques. The first three cheques were presented to the Bank on 13th June, 1992 but they were returned unpaid by the drawee bank with the remark 'funds insufficient'. The cheques were again presented to the bank on 10th July, 1992 but this time also they were dishonoured by the bank. On 13th July, 1992 the complainant payee received a letter dated the 7th July, 1992 containing a request of the drawer of the cheques to hold the cheques for the time being. On 14th July, 1992 the complainant payee issued notice to the d