JAMMU AND KASHMIR BANK LTD Vs. ARAVALI INTERNATIONAL

JUDGEMENT

(1.) THE present Regular First Appeal is filed under Section 96 CPC seeking to challenge the decree dated 13.4.2012 passed in favour of the respondent for a sum of Rs.23,73,364.38 alongwith pendent lite and future interest @ 9% per annum with quarterly rests and costs.

(2.) THE present suit was filed by the respondent for recovery on account of non receipt of payment from the appellant pursuant to invocation of Bank Guarantee issued by the appellant in favour of the respondent being Bank Guarantee No.18/94 dated 14.5.1994 for a sum of Rs.21,50,000/ -.

(3.) THE respondent thereafter further entered into two contracts for supply of the said 25,000 metric ton of cement clinkers each with M/s.Impression International India in whose favour the said two contracts were assigned by the respondent in consideration of the commissions to be paid by the said Impression International India.