SANJIB BANERJEE,J. - (1.) The short ground urged by the judgment-debtor appellant is that the principal part of the respondent's claim was not proved and the trial court erred in disregarding facts and the complete lack of evidence to pass a decree in such regard.
(2.) The appellant was a member of plaintiff Calcutta Stock Exchange. As a member broker, the appellant was obliged to furnish security so that if the appellant defaulted in respect of transactions with other member brokers, the stock exchange could make good the appellant's default to its other member brokers by paying out of the settlement guarantee fund which is the combined contribution of the member brokers' security.
(3.) At paragraph 20 of the plaint, the case made out is as follows: "20. By reason of failure on the part of the defendant to make payment on the pay-in dates as mentioned aforesaid, the plaintiff in accordance with the Rules, Bye-laws and Regulations of the said exchange paid such amounts to the other Recipient members who are (sic. were) found to be entitled to receive such payments on pay-out day." To this, the appellant offers the following defence at paragraph 16 of the written statement. "16. ...No money was due either to the plaintiff or to the recipient members arising out of the six settlements and as such the question of making payment by the plaintiff to the recipient members on account of the defendant does not and/or cannot arise. In any event it is denied and disputed that the plaintiff had paid any money to the recipient members as claimed. ..." ;