UBS AG Vs. STATE BANK OF PATIALA

JUDGEMENT

(1.) The Petitioner-Bank, namely, United Bank of Switzerland, Lausanne, Switzerland (hereinafter referred to as USB AG) filed three separate Summary Suits, being Nos. 8907 of 2000, 1515 of 2000 and 6089 of 1999, against the State Bank of Patiala, Federal Bank Limited and United Western Bank, respectively. The Petitioner-Bank took out Summons for Judgment No.783 of 2003 in Summary Suit No.897 of 2000 against the State Bank of Patiala. Two similar Summons for Judgment Nos. 784 of 2003 and 786 of 2003 were also taken out by the Petitioner-Bank in connection with Summary Suit Nos. 1515 of 2000 and 6089 of 1999.

(2.) Inasmuch as, the said three suits were filed in respect of various Letters of Credit, where the terms and conditions were identical and the defence taken were also identical, the said three Summons for Judgment were taken up for hearing and disposal analogously and were dismissed by a common order dated 28th October, 2005. The Learned Single Judge of the High Court of Judicature at Bombay also granted unconditional leave to the Respondent-Banks to defend their respective suits.

(3.) Three separate Special Leave Petitions, being Special Leave Petition (C) Nos. 5639 of 2006, 6141 of 2006 and 6134 of 2006, have been filed against the common judgment disposing of the said three suits and since they involve common questions of law and fact, they have been taken up for admission together.