K.K. SHARMA Vs. CITI BANK AND ORS.

JUDGEMENT

(1.) The present suit is a suit for recovery of Rs.35,90,181/- by the plaintiff Sh. K.K.Sharma against the two defendants, defendant no.1 being the Citibank which was the collecting bank and the defendant no.2 being the Bank of Baroda, and which was the bank of the plaintiff from where the subject cheques were issued by the plaintiff. The principal amount is the amount of six cheques totaling to Rs. 29,12,926/- and the balance amount is the amount towards interest. The details of the six cheques are as under:- <FRM>JUDGEMENT_139_LAWS(DLH)9_2015.html</FRM>

(2.) (i). The case of the plaintiff is that six subject cheques were drawn by the plaintiff in his own favour for transfer of amounts from the defendant no.2/Bank to the defendant no.1/Bank in which the plaintiff claims to have opened a current account. The requirement for opening an account of the plaintiff with the defendant no.1/Bank was on account of the fact that the plaintiff was a dealer of the goods supplied to him by Nestle India Limited and Nestle India Limited was to be given 'collateral security' by the modality of the plaintiff opening a bank account in his own name and parking the funds under the subject cheques in such account of the plaintiff with the defendant no.1/Bank.

(3.) Though in the suit decree was sought against both the defendants, today before me counsel for the plaintiff states that he is pressing for a decree only against the defendant no.1 viz Citibank and not against the defendant no.2 viz the Bank of Baroda.