SHEKHAR B.SARAF, J - (1.) The plaintiff is a company incorporated under the provisions of the Companies Act , 1956, having its registered office situated at No. 6. Lyons Range, 6th Floor, Kolkata - 700-001. The plaintiff company is, inter-alia, engaged in the business of mining and extraction of minerals, import, export and deal in mineral, ores and products. Whereas, on the other hand, defendant is carrying on business as a sole proprietor under the name of M/s. Shyam Enterprises having its office at No. 473, 8th Block, Near Devimaidan, K.B. Road, Yellapur - 581-359, Karnataka and also at No. 104, 1st Floor, Cross Road, Avenue Arlem Road, Fatroda, Margao - 400-602, Goa. The defendant is, inter- alia, engaged in the business of mining of Iron Ore.
(2.) It is alleged by the plaintiff that on 22nd October, 2010 the defendant approached the plaintiff Company and offered to supply iron ore fines. Pursuant to the negotiations held between the plaintiff company and the defendant it was decided that the plaintiff company will buy an aggregate supply of 92,000 Metric Tonnes (MT) of iron ore fines at rates varying between Rs. 1,575/- to Rs. 2,800/- Per Metric Tonnes (PMT) between the period 9th November, 2010 to 5th February, 2011. The said agreement was finalized at the plaintiff's registered office.
(3.) The plaintiff company claims to have made an advance payment of Rs. 15,66,50,000/- on various dates via RTGS and Fund Transfer according to the terms of the agreement, which was duly received by the defendant. After receiving such payment, the defendant supplied Iron Ore fines worth Rs. 5,84,10,000/-before January, 2012. Thereafter, the defendant did not supply the Iron Ore fines worth Rs. 8,82,40,000/-. Pursuant to this it was agreed between the plaintiff company and the defendant that the balance amount would be refunded as the defendant was unable to supply the said amount of Iron Ore fines.;