PUBALI BANK LIMITED Vs. NAGREEKA EXPORTS LIMITED

JUDGEMENT

(1.) The present appeal is arising out of a judgment and decree dated April 11, 2014 passed by a learned Single Judge in C.S. No. 12 of 2000.

(2.) The facts of this appeal, so far as material, are as follows:

(3.) In view of the refusal to make payment under the Irrevocable Letter of Credit, the respondent no. 1 had filed a suit in the Original Side of the High Court at Calcutta, being C.S. No. 12 of 2000, against the appellant and the respondent nos. 2 to 5 on December 15, 2004. In the suit, the plaintiff had prayed for, inter alia, a decree for US$ 22,770/- against the respondent nos. 2 to 4, with interest on the said sum at the rate of 24% per annum from the due date of invocation till realisation. The respondent no. 1 alleged that the appellant bank had wrongfully dishonoured the Letter of Credit, and that it had wrongfully allowed the respondent no. 2 to take delivery via its C. and F. agent.