AMARNATH SANGANARIA Vs. SONALI BANK

JUDGEMENT

(1.) This application for summary judgment against the defendant No. 1 for US $ 4, 14, 228 equivalent to sum of Rs. 1,98,74,759.00 in connection with the money suit in which the plaintiff has claimed following amongst other refliefs :

(2.) The case made out in the plaint are briefly stated hereunder :

(3.) Pursuant to tripartite agreement the plaintiff duly sold and/or exported three lots of consignments of capital machinery spares for textile mill manufactured in India to the defendant No. 2 in accordance with its specific designs and specification. In consideration thereof, the defendant No. 1 through its local Dhaka Branch opened irrevocable Letter of Credit for due payment of the price thereof to the plaintiff. The said irrevocable Letter of Credit is freely negotiable. Therefore, under the provision of Uniform Customs and Practice for Documentary Credits (hereinafter referred to as UCPDC) the defendant No. 3 has been nominated and/or is deemed to have been nominated as a negotiating bank. The payment by negotiation against irrevocable Letter of Credit was duly made in respect of the two previous consignments. However, these payments were delayed, therefore, the plaintiff has suffered loss or damages because of charging and realization of interest for late payment, on negotiation by the defendant No. 3 and also other damages. The major claim, in the suit and only claim in the summary proceeding relate to the price of the third consignment.