BRITANNIA INDUSTRIES LIMITED Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This appeal, by special leave, is directed against the judgment and decree dated April 3, 2001 passed by a Division Bench of the Calcutta High Court in Appeal No.114/1991. By the impugned judgment, the Division Bench allowed the appeal preferred by Punjab National Bank (respondent no. 1 before this Court), set aside the judgment and decree dated December 12, 1990, passed by a learned single judge of the High Court in Suit No. 780/1983 filed by the appellant-plaintiff under Order XXXVII of the Code of Civil Procedure.

(2.) The claim of the appellant-plaintiff is based on a purported bill of exchange dated February 15, 1983 for a sum of Rs. 1 crore only. The bill of exchange was drawn by two persons namely, Raghunath Dutta and Amit Dutta (respondent nos. 3 & 4 respectively) as partners in the firm Metropolitan Construction (respondent no. 2). The bill of exchange was accepted by M/s Lgee Enterprises (not made a party to the suit) and was further shown to be accepted by Punjab National Bank (respondent no. 1). It was then shown to be endorsed by respondent no. 2 in favour of the appellant-plaintiff and was delivered to it, who, thus, claims to have become the endorsee and the holder of the bill of exchange in question. The bill of exchange was presented for payment, but respondent no. 1 refused to make payment, thereby dishonoring the bill.

(3.) The appellant-plaintiff filed the suit, being Suit No. 780/1983, for recovery of the amount of the bill of exchange along with statutory interest.