MAXGROW PTE LTD. Vs. CHEMINOVA INDUSTRIES (P.) LTD.

JUDGEMENT

(1.) THE present suit is filed under Order 37 CPC seeking a decree of recovery for USD 2,78,616.00 equivalent to Rs. 86,35,088.80/ -. Unconditional leave to defend was granted to the defendant vide judgment dated 05.03.2002.

(2.) THE basis of the present suit is supply of goods/raw material from the plaintiff. The plaintiff is said to be a private limited company incorporated under the laws of Singapore. The suit is filed seeking recovery of dues based on 9 invoices totaling USD 2,78,616. It is averred that the bills of lading have also been filed annexed as Exhibit B to the plaint. It is further stated that in respect of goods supplied from time to time, the defendant has accepted the bills of exchange drawn on them by the plaintiff. The bills of exchange were presented for payment on their respective due dates. But the defendant failed and neglected to honour the same. It is urged that the defendant has admitted the amount in the present suit. They had written to RBI for grant of permit for payment to the plaintiff in US Dollars. On the said written request of the defendant, RBI had issued permit from time to time for making payment of the aforesaid invoices. Copy of the permits has been exhibited as Exhibit D to the plaint. The details of the permits are given. The letters addressed to the Reserve Bank of India by the defendant have also been exhibited as Exhibit 'E'. Reliance is placed on letter dated 07.04.1989 sent by the defendant to the plaintiff stating that RBI has not yet granted extension. Further on 26.04.1989 another telex was received from the defendant to state that the bills are being cleared shortly. It is also urged that the defendant have admitted their debt and hence the suit was filed under Order 37 CPC.

(3.) BASED on the pleadings of the parties, the following issues were framed on 12.12.2003.