MMTCLTD. Vs. SHIV SAHAI & SONS

JUDGEMENT

(1.) The appellant filed the suit on the original side of this Court against the present two respondents and one V.Gurumurthy seeking recovery of a sum of Rs.170,69,37,775/-, which includes principal and interest, calculated at 18% p.a., along with future interest.

(2.) The basis for the plaint is the transaction inter se the appellant and the respondents under the arrangement for import of Bullion administered by the Department of Commerce. The appellant imports Bullion from its various foreign suppliers on consignment basis and sells them to local customers at various places, under different schemes. These schemes are : a) Outright purchase scheme; b) Buyers' Credit Scheme; and c) Usance Letter of Credit and Stand By Letter of Credit Scheme.

(3.) Learned Senior Counsel for the appellant submits that the transactions in question are solely under the Buyers' Credit Scheme, though the learned senior counsel for the respondents seeks to state that they also include Outright Purchase Scheme.