ING VYSYA BANK LTD Vs. SMIT EXPORTS

JUDGEMENT

(1.) THIS is an application for recovery of Rs. 10,93,027/- with further interest thereon @ 18.50% p.a. with quarterly rests from the date of the filing of the Original Application till payment and/or full realisation.

(2.) The facts giving rise to the case (which had occurred when the applicant was "The Vysya Bank Ltd.") are set out as follows:

(3.) AS per the Banking practice, the applicant thereafter debited the defendant's account with aforesaid 2 cheques of US $ 9,700/- converted as per the then exchange rates to Rs. 4,65,115/- and Rs. 4,71,614/- and informed the defendant about the same by letter dated 13.3.2003. By reply dated 25.3.2003 the defendant disagreed for the same. In the circumstances, the defendant is liable to pay the amount as per Original Application which includes the interest.