CROWN COMMERCIAL HOUSE Vs. ICICI BANK

JUDGEMENT

(1.) THE present application is filed by the plaintiffs under Order 12 Rule 6 CPC praying for a judgment and decree in favour of the plaintiffs and against the defendant No. 1 in the sum of Rs. 25,18,610/ - (Rupees Twenty Five Lakh Eighteen Thousand Six Hundred and Ten only) with pendente lite and future interest on the admissions made by the said defendant as mentioned in paragraph 23 of the present application.

(2.) THE case of the plaintiffs, which the plaintiffs state has been admitted by the defendant No. 1 in their written statement, is that in or about August, 2005, an oral agreement was entered into between the plaintiffs and the defendant No. 2 whereby and whereunder the plaintiffs agreed to sell and the defendant No. 2 agreed to buy a consignment of Mulbury Silk Fabric of Chinese origin to be shipped from Shanghai in China to New Delhi in India. Pursuant to the said agreement, the defendant No. 3 at the instance of the plaintiffs drew a Bill of Exchange on the defendants No. 1 and 2, payable within sixty days from the date of Bill of Lading for a sum of USD 44,846.10 only (subsequently amended on 22.09.2005 so as to be payable within seventy five days from the Bill of Lading date). It was a term of the said Bill of Exchange that documents could be released only if duly avalised/co -accepted by the defendant No. 1. In course of time, the defendant No. 3Indian Overseas Bank acting on the instructions of the plaintiff forwarded to the defendant No.1 the Bill of Lading and other documents by a covering letter dated 08.09.2005.

(3.) WRITTEN statements were filed by the defendants No. 1 to 3. The present application has been filed on the basis of three admissions allegedly made by the defendant No.1 in its written statement. According to the plaintiffs, the said three admissions are as follows: