RADNIK EXPORTS Vs. STANDARD CHARTERED BANK

JUDGEMENT

(1.) The plaintiff, a partnership firm has instituted this suit for declaration that the "Structured Currency Option" Agreements dated 14th January, 2008 and 1st February, 2008 entered into between the plaintiff and the defendant Bank are agreements by way of wagers hit by the bar of Section 30 of the Indian Contract Act, 1872 and are consequently void and unenforceable and for permanent injunction restraining the defendant Bank from in any manner acting upon or seeking to enforce any transaction under the said agreements, pleading:-

(2.) It may be mentioned that the plaintiff, in the plaint, has also made detailed pleadings as to the nature of the agreements and the transaction thereunder and as to how the same are by way of wager within the meaning of Section 30 of the Contract Act; however for the present purpose it is not necessary to dilate on the said aspect.

(3.) Summons of the suit and notice of the application for interim relief were issued to the defendant Bank with the observation that if the defendant Bank sought to enforce its rights under the agreement(s), the plaintiff can approach the Court.