1. The petitioner herein is the accused in CC.No.331/2008 on the file of the Judicial Magistrate, Palladam, arising out the private complaint filed by the respondent/complainant for proceeding against the accused under Section 138 of Negotiable Instruments Act.

2. The complaint proceeds as if the accused approached the complainant on 10.5.2007 and borrowed Rs.2 lakhs for his family expenses and agreed to pay interest at 24%pa to the complainant and the accused has, on the same date also executed a promissory note for the above amount in favour of the complainant. Thereafter, the accused failed to pay interest for the borrowed amount, which compelled the complainant to demand entire amount with interest on 3.10.2008 on which date, the accused issued a cheque for Rs.2,66,000/- towards discharge of his liability as demanded in the promissory note. When the same was presented for collection, it was returned dishonoured for want of sufficient funds and the accused was informed the same through statutory notice and inspite of the same, he failed to pay the amount, which is the cause of action for filing the present complaint.

3. After having entered appearance, the accused h