1. Leave granted.

2. A short but an interesting question falls for consideration in this appeal to the effect as to the maintainability of a proceeding under S.138 of the Negotiable Instruments Act, 1881, vis-a-vis a guarantor. The High Court negated it and hence the matter is before this Court under Art.136 of the Constitution. In order, however, to appreciate the contentions raised in the matter, it would be worthwhile at this juncture to notice S.138 for its true terms, scope and effect as also to assess the situation ourselves. S.138 of the Negotiable Instruments Act, 1881 reads as follows:

"138. Dishonour of cheque for insufficiency, etc. of funds in the account.- Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to