TARSEM GOEL Vs. PUNJAB & SINDH BANK

JUDGEMENT

(1.) BRIEFLY put the facts relevant for the disposal of the present complaint are that the complainant is a proprietorship concern and was engaged in the business activities of manufacturing of export of home furnishing, made UPS towels and fabricates as per the requirement of foreign buyer.

(2.) THE complainant as per demand and requirement of the agent of one foreign buyer obtained LC dated 01.02.2001 for US $1,05,600. After obtaining the aforesaid LC the complainant for the purpose of collecting true and correct information regarding the integrity and status of the said foreign buyer wrote a letter dated 20.02.2001 to the opposite party who was the banker of the complainant. The complainant vide aforesaid letter requested the opposite party Bank to collect a full -fledged report about the status of the foreign buyer so that the complainant may proceed further to manufacture the goods at the earliest.

(3.) DURING , the verification process by the opposite party Bank, regarding the integrity and financial status of the foreign buyer, the complainant obtained another LC dated 14.03.2001 through the agent of the foreign buyer for US $ 1,07,600.