STATE BANK OF INDIA Vs. AMBAY 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 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.

(3.) The Letter of Credit was available by exporters draft drawn on the importers at 60 days after sight drawn for 100 per cent of the invoice value.