J. ANANDHAVALLI Vs. ICICI BANK LTD

JUDGEMENT

(1.) This Original Side Appeal is directed against the judgment and decree dated 14 -09 -2006 passed by the learned Single Judge of this Court in C.S.No.785 of 1990.

(2.) The appellant herein, as plaintiff, has instituted C.S.No.785 of 1990 on the file of this Court praying to pass a money decree in favour of the plaintiff to the tune of Rs.29,14,952/ -(Rupees Twenty Nine lakhs Fourteen thousand Nine hundred fifty two only) wherein the present respondent has been shown as sole defendant.

(3.) The nubble of the averments made in the plaint are that one Andhra Civil Construction, a partnership firm has secured a contract for constructing North Brake Waters for Tuticorin Harbour Project under an agreement dated 21 -10 -1970. A portion of the work is valued at Rs.1.07 Crores and an agreement of subcontract has been executed by the said firm. After some time, the said firm has stopped execution of work from 01 -12 -1972 due to heavy loss. In its place, the plaintiff has agreed to execute the remaining work and entered into agreement dated 12 -08 -1973. The plaintiff has obtained a Relinquishment Deed on 17 -12 -1975. For the purpose of doing contract works in North Brake Water and South Brake Water, Tuticorin Project Work, the defendant has advanced loans by way of overdraft facilities to the tune of Rs.43.74 lakhs. On the basis of the Relinquishment Deed, the main contractor has taken over all the assets, machineries and deposits of the plaintiff as on 31 -12 -1975 and also undertaken to pay off all liabilities of the plaintiff arising out of the execution of sub -contract. As per Relinquishment Deed, the main contractor has agreed to pay a sum of Rs.13,00,000/ -(Rupees Thirteen lakhs only) immediately, as soon as it received Escalation Award amount from the Government. The said main contractor has not paid the said sum of Rs.13,00,000/ -(Rupees Thirteen lakhs only). Consequently, C.S.No.150 of 1976 has been instituted wherein certain directions have been given. Pursuant to the directions dated 03 -04 -1978, an Advocate Commissioner has sent a notice to the defendant on 23 -06 -1979 and thereby called upon to pay Rs.25,00,000/ -(Rupees Twenty five lakhs only). The defendant sent a reply notice dated 12 -07 -1979 wherein it has been stated to the effect that the entire amount has been adjusted. Now the defendant is bound to pay an amount of Rs.29,14,952/ - (Rupees Twenty nine lakhs fourteen thousand Nine hundred fifty two only). Under the said circumstances, the present suit has been instituted for the relief sought therein.