ABDUS SATTAR Vs. IFIC BANK LTD.

JUDGEMENT

(1.) This leave petition by defendant-petitioners is from the order passed in FAT No. 83 of 1999 summarily rejecting the Memorandum of Appeal.

(2.) The plaintiff-respondent bank filed Title Suit No. 32 of 1994 for realisation of Taka 16,74,548.01 with interest @ 20% per annum from the petitioners. The suit was decreed by the trial Court leading to filing FA Tender No. 83 of 1999 in the High Court Division. An application for acceptance of the Memorandum of Appeal was filed by the petitioners stating that bank guarantee furnished by the petitioners was to be treated as 50% of the decretal amount as the bank guarantee is as good as cash money.

(3.) The learned Judges of the High Court Division by the impugned Order summarily dismissed the Memorandum of Appeal holding that the petitioners not having had deposited 50% of the decretal amount in cash the Memorandum of Appeal was not properly constituted.