INDIAN TELEPHONE INDUSTRIES Vs. BHARAT PHOTOCIRCUITS LTD

JUDGEMENT

(1.) THE present suit has been filed by the plaintiff (Indian Telephone Industries Pvt. Ltd.) against ten defendants of whom Bharat Photo Circuits Ltd. is defendant no.1 and is a company in liquidation. At the time when the suit was filed the company was alive but vide order dated 09.01.1998 the company had been wound up.

(2.) THE Official Liquidator thereafter represented defendant no.1 in the suit proceedings. Defendants no.2 to 9 are the Ex-Directors of the company (in liquidation). Defendant no.10 is the Canara Bank which had issued the bank guarantee in favour of the petitioner which admittedly stood expired before its invocation.

(3.) ON 05.6.1990 the Director of the defendant company had visited the office of the plaintiff and had verbally assured the plaintiff that the defective material would be replaced and that the bank guarantee which was to expire on 30.6.1990 would also be extended; defendant no.2 (Mr.Ajay Kumar) also gave letters in reply on 05.6.1990 and 08.6.1990 to the said effect. However, these commitments have not been honoured.