K L BATRA Vs. AMBEY ENTERPRISES

JUDGEMENT

(1.) . The State Bank of India has filed a suit for the recovery of Rs.1,80,527.96 from the defendant. The case of the plaintiff briefly stated is thus:

(2.) . The defendant is a proprietorship concern maintaining a Current Account with the plaintiff requested for opening a letter of Credit for the sum of Rs. 76,500.00 equivalent to Singapore dollars 20119.50 in favour of M/s Pratichis International, 121, Market Street, Singapore-1, against 10% margin on the 4the November 1978 for import of 15 metric tons of Copra.

(3.) . The plaintiff opened the said letter of Credit No.FED/ND/78/638 dated 6th of November 1978 through Bank of India, Singapore, valid upto 5th of January 1979.