SABARI SYNDICATE Vs. CATHOLIC SYRIAN BANK LTD

JUDGEMENT

(1.) According to the complainant, the Sabari Syndicate, it had been promised various types of financial assistance by Opposite Party No. 1 (the Catholic Syrian Bank Ltd.) for executing the contract for Ship Breaking that it secured from the Metal Scrap Trading Corporation (M.S.T.C.) in 1982. In its complaint it has alleged that the Bank did not render service to the complainant and perform its obligations to the Complainant-client in accordance with the principles and practices of banking, that the Bank was guilty of negligence in its dealings that it failed to give the financial facilities which it was committed to render to the Complainant, that the Bank had indulged in unfair business/trade practices leading to the Complainant's unit having to suffer loss and damage. On these grounds the complainant has claimed compensation at the rate of 20 lakhs per annum from 1985 onwards.

(2.) The ship which was acquired by the Complainant from the M.S.T.C. was insured for certain risks with the Opposite Party No. 2. According to the Complainant, the Insurance Company has also failed to pay the amounts due to the Complainant under the Marine Hull Policies and therefore the Opposite Party No. 2 has been guilty of unfair business/trade practices and that there has been deficiency in its service to the Complainant,

(3.) The Opposite Party No. 1 has taken the preliminary objection to the complaint being entertained on the ground that the complaint was barred by limitation. According to the Opposite Party the cause of action can be said to have arisen in October, 1982 and in any event the last transaction by the Bank in relation to the client Complainant was done in August, 1985.