PUNJAB NATIONAL BANK Vs. MAYA ENTERPRISES

JUDGEMENT

(1.) This is a suit for recovery filed by the plaintiff Bank on account of the dues which the plaintiff Bank had to pay to Defendant no.4, since the defendant no.4 had obtained a decree for non-invokation of the Bank Guarantee.

(2.) The defendant no.4 filed a civil suit in the Court of Civil Judge at Udupi, D.K. The suit was decreed and in pursuance of the decree the plaintiff paid the decretal amount including the interest to the tune of Rs.6,56,078/- and called upon the defendants 1 to 3 to pay back the said amount to the plaintiff in terms of their Counter Guarantee. Despite service of legal notices defendants 1 to 3 failed to pay the said dues. Hence this suit.

(3.) The averments of the plaintiff in support of its claim in brief are as under:-