SOUMEN SEN,J. - (1.) The present appeal is arising out of a judgment and decree dated April 11, 2014 passed by a learned Single Judge in C.S. No. 12 of 2000.
(2.) The facts of this appeal, so far as material, are as follows: I. The respondent no. 1, Nagreeka Exports Ltd., and the respondent no. 2, M/s. Evergeen Consumer Ltd., entered into an agreement on December 23, 1998 for the export of 90 tons of Indian parboiled rice (non-basmati) at an aggregate price of US$ 22,770/- against an Irrevocable Letter of Credit bearing no. 21/AWF/15079/98 dated December 28, 1998 issued by Pubali Bank with the respondent no. 1 as the beneficiary. This Letter of Credit was to expire on March 2, 1999. The Bank of Tokyo Mitsubishi and Canara Bank were the advising bank and negotiating bank respectively. II. The respondent no. 1 exported the contracted goods to the respondent no. 2 and presented the documents for negotiation under the Letter of Credit on January 25, 1999 to the appellant bank. On or about February 16, 1999, the appellant informed the respondent no. 3, i.e. the negotiating bank, by a telex dated February 15, 1999 that the presentation of a photocopy of the radiation certificate is an alleged contravention of the requirements of the Letter of Credit and hence the appellant bank was refusing to make payment. The appellant bank returned the documents given to it by the respondent no. 1 to the negotiating bank, i.e. the respondent no. 3, on March 21, 1999. III. The respondent no. 1 again furnished the set of documents on May 14, 1999 along with a copy of the radiation certificate that was certified as original by the Department of Atomic Energy, Government of India. This time the documents were rejected by a letter dated June 2, 1999 on the ground that the validity period of the Letter of Credit had expired. The documents were returned by the appellant bank to the respondent no. 3. In the meanwhile, by a letter dated May 20, 1999 sent by the Superintendent, Sonamasjid L.C. Station, Nabagunge, i.e. the respondent no. 4, to the appellant bank, it was communicated that the exported goods had been handed over to M/s. Heera Enterprise, the clearing and forwarding agent of the respondent no. 2.
(3.) In view of the refusal to make payment under the Irrevocable Letter of Credit, the respondent no. 1 had filed a suit in the Original Side of the High Court at Calcutta, being C.S. No. 12 of 2000, against the appellant and the respondent nos. 2 to 5 on December 15, 2004. In the suit, the plaintiff had prayed for, inter alia, a decree for US$ 22,770/- against the respondent nos. 2 to 4, with interest on the said sum at the rate of 24% per annum from the due date of invocation till realisation. The respondent no. 1 alleged that the appellant bank had wrongfully dishonoured the Letter of Credit, and that it had wrongfully allowed the respondent no. 2 to take delivery via its C. and F. agent.;