EDC LIMITED Vs. GKB OPTHALMICS LTD. AND ORS.

JUDGEMENT

(1.) This is an appeal at the instance of the original plaintiff, EDC Limited (formerly known as Economic Development Corporation of Goa, Daman and Diu Limited) challenging the judgment and decree dated 28/03/2007, passed by the learned Civil Judge, Senior Division at Panaji in Special Civil Suit No. 55/2001/B. By the impugned judgment, the suit for recovery of money filed by the appellant, has been dismissed.

(2.) The brief facts, necessary for the disposal of the appeal, may be stated thus :

(3.) The first respondent, apart from, agreeing to the said terms and conditions, had executed an agreement for equity participation on 17/04/1996 (hereinafter referred to as 'the Principal Agreement'). The second and third respondents had executed a separate Deed of Guarantee on the same day, for the payment of the entire subscription amount of Rs.17,50,000/- along with interest and other costs and charges, should it become payable in terms of the Principal Agreement. By yet another document of the even date, the second and third respondents had executed Guarantee Indemnity Agreement (Indemnity Agreement, for short), inter alia, agreeing to indemnify any loss suffered by the appellant along with interest at the rate of 22 % p.a. in the event of sale of the shares.