INDIAN BANK Vs. SATYAM FIBRES INDIA PRIVATE LIMITED

JUDGEMENT

(1.) These are two appeals against the judgments of the National Consumer Disputes Redressal Commission, New Delhi.

(2.) The facts on record indicate that the respondent had entered into Contract No.31/89 with a French Firm M/s. STE Kolori (for short, 'Buyer') for supply of 1 lac metres of cotton grey sheeting of the value of French Francs 4,37,500/-. In due course, the goods were shipped to the buyer and on 9-6-90, respondent drew two Bills of Exchange on the Buyer for French Francs 3,50,000/- and French Francs 87,500/-. The draft mentioned at the top that the Bills of Exchange had to be co-accepted by the Buyer's bank. These documents were sent by the appellant to that Bank on 18-6-90 as requested by the respondent but on 9-7-90, the documents were returned unpaid. However, on the instructions of the respondent, the documents were represented to Banque Leumi, Paris on 13-7-90. On 9-4-91, on the instructions of the respondent, a telex was sent to Banque Leumi, Paris to transfer the documents to another French Bank, namely, Society Lyonnaise De Banque, Lyon, France, and on the same day, fresh Bills of Exchange dated 6-3-91 were sent to the French Bank at the request of the respondent. In these Bills of Exchange, there was no clause for co-acceptance by the French Bank which, however, returned the documents unpaid on 9-8-91.

(3.) On 26th August, 1991, respondent forwarded a fresh set of Bills of Exchange for being sent to the French Bank. The Bills of Exchange, on their face, specifically provided for acceptance by the Buyer and co-acceptance by the French Bank.