Sahidullah Munshi, J. - (1.) This is a suit for a decree for a specified sum of money with interim interest upon judgment @ 18% per annum. Summons are duly served upon the defendant. Despite service of summons no one chose to enter appearance in the matter and to contest the same by filing written statement. By an order dated 22nd November, 2017, relying on a report dated 1st November, 2017, furnished by the Department, this Court fixed the matter in the 'undefended list'. Even when the matter was taken up as 'undefended suit', no one appeared for the defendant. Briefly, the plaint case is as follows :- Plaintiff, Concast Steel and Power Limited, claims to be a company incorporated under the provisions of Companies Act, 1956. Under a scheme of amalgamation sanctioned by this Court on 26th November, 2015, Concast Bengal Industries Limited, Concast Global Limited, Dankuni Steel Limited, Cocast Vyapaar Limited, Concast Ispat Limited, Surekha Exports Limited and Concast Exim Limited have merged with and their assets and properties have been transferred to and have stood vested in favour of the plaintiff herein, who is the resulting company thereunder. In respect of the merger the plaintiff has relied on the order dated 26th November, 2015, passed by this Court in Company Petition No.1054 of 2014 which has been marked Exhibit 'A' to this proceeding. The plaintiff has stated that the suit relates to transactions concerning Concast Ispat Limited (hereinafter referred to as 'CIL'). The defendant held itself to be engaged in the business of manufacture and sale of iron and steel material. CIL in the usual course of business required iron and steel material. In October, 2009, the defendant Durgapur Steels Limited, being interested to sell iron and steel materials, approached CIL and thereafter, negotiations ensued between the defendant and CIL and it was agreed that (i) The defendant would sell 1250 MT of MS Billet to the plaintiff on ex godown basis @ Rs.21,500/- per MT. (ii) The total consideration after addition excise duty and VAT would be Rs.3,02,53,000/-, which would be paid in advance by the plaintiff. (iii) The specification of the material would be 100 X 100, grade C-20.
(2.) Terms of the agreement were recorded in a purchase order placed by CIL upon the defendant dated 10th October, 2009. Said purchase order was received and accepted by the defendant at its registered office at 8/C, Maharshi Debendra Road, Kolkata 700007. CIL, thereafter made over an advance of Rs.3,00,00,000/- (Rupees Three Crore) only, by a cheque and such cheque was presented for payment by the defendant and eventually, it was encashed. Defendant also issued a receipt dated 15th October, 2009 for the said sum of Rs.3,00,00,000/-. Although, the defendant was required to sell and deliver the goods to the plaintiff forthwith, it did not do so and, thereby, causing inordinate delay in delivery of the goods to the plaintiff. Ultimately, the goods were not sold and delivered to CIL. CIL requested the defendant to repay the advance which had been made by CIL. The defendant agreed to do so and by a letter dated 10th February, 2011, forwarded a cheque dated 9th May, 2011 for a sum of Rs.3,00,00,000/- to CIL. Subsequently, defendant informed the plaintiff that it could not arrange for funds and by an order dated 13th June, 2011 requested CIL not to present the said cheque. By a further letter dated 11th July, 2011 defendant informed CIL that it was even not in a position to make any payment immediately and prayed for further time. CIL, by its letter dated 15th June, 2014, requested the defendant to confirm the outstanding balance by a letter dated 30th June, 2015. The defendant confirmed the balance of Rs.3,00,00,000/- as on 31st March, 2014. The defendant, however, acknowledged its liability and undertook to pay by 31st December, 2014. Despite demand by Advocate's letter dated 19th June, 2017, made on behalf of the plaintiff, the defendant failed and neglected to make payment of the said sum. Accordingly, the plaintiff claimed for a sum of Rs.7,14,09,863/- which were due and payable by the defendant to the plaintiff as on 19th June, 2017 being the date of demand. In paragraph 16 of the plaint, the plaintiff has given the particulars of claim, namely, JUDGEMENT_18_LAWS(CAL)2_2018_1.html
(3.) According to the plaintiff, they are entitled to further interest @ 18% per annum on the aforesaid sum on and from 20th June, 2017 and further interest upon judgment @ 18% per annum.;