Is the presumption under Section 139 available to a payee? Is such presumption available only to a holder? Does a holder under Section 139 include a payee? These interesting questions are raised in this revision petition which is directed against a concurrent verdict of guilty, conviction and sentence in a prosecution under Section 138 of the N.I. Act.

2. There are two cheques involved for the amounts of Rs.2,50,000/- and Rs.1,60,000/- both dated 15.6.1999. The petitioner now faces a sentence of S.I. for a period of one month. There is also a direction to pay an amount of Rs. 3,00,000/- as compensation. No default sentence is seen imposed.

3. The signatures in the cheques are admitted. The notice of demand, Ext.P7, succeeded in evoking Ext.P8 reply, in which the liability for payment was disputed. The complainant examined himself as PW1 and proved Exts.P1 to P10. The accused did not adduce any defence evidence - oral or documentary. In Ext.P8 reply notice and in the course of the trial, the accused took up a fairly definite and specific stand. Transaction between the parties was admitted. Handing over of both cheques after they were duly filled up was also admitted. But t