ESTER INDUSTRIES LIMITED Vs. AMARSONS COMMERCIALS PVT. LTD.

JUDGEMENT

(1.) THE challenge by means of this Regular First Appeal under Section 96 of the Code of Civil Procedure, 1908 (CPC) is to the impugned judgment and decree dated 31.3.1998 whereby the suit of the Respondent/Plaintiff was partially decreed for recovery of damages on account of breach of the Appellant/Defendant to honour its contract to sell to the Respondent/Plaintiff 600 unsecured redeemable Bank of Baroda Bonds of Rs. 5,000/ - each.

(2.) THE matter has been heard at length. The main argument on behalf of the learned Counsel for the Appellant is that the damages which should be allowed have to be those on the date of the breach, and which date was in and around 19.11.1996. Learned Counsel for the Appellant argues that however the amount of damages which have been awarded by the trial Court are those on the basis of purchasing of bond at the prevailing market rate much later in March, 1997. In response, learned Counsel for the Respondent/Plaintiff contends that the bonds were not easily available in the market and therefore they were ultimately purchased in March, 1997.

(3.) LEARNED Counsel for the Respondent also states that the trial Court refused to grant the interest claimed in the suit and which the Respondent had claimed, would have accrued to it, had the transaction gone through.