DENA BANK Vs. SONALI BANK

JUDGEMENT

(1.) HEARD the learned counsel for the parties.

(2.) '' This Summons for Judgement is taken out by the plaintiffs in a suit filed by them for recovery of the sum of US $ 1,50,103.79 together with interest on the principal sum of US $ 99,630 thereon at 20% p.a. from the date of the suit till payment. The facts as stated in the plaint are briefly summarised below:-

(3.) '' It appears that on receipt of the goods, the purchaser found that the goods were not of the quality ordered. It therefore, instructed the defendant bank not to honour the letter of credit and asked for a discount of 60% of the value on account of the defects in the quality. It further appears that after negotiations, the plaintiff no.2 agreed to give discount of 20%. It is however contended that the discount of 20% was not on account of any defects in the goods but only as a gesture of goodwill. As the purchaser was not satisfied with the amount of the discount it instructed the defendant bank not to pay. It is alleged by the plaintiff that the defendant bank in collusion with the purchaser has declined to make the payment under the letter of credit under a false pretext.