JUDGMENT

Rajendra Babu. J.-This is a petition filed for transfer of original application No. 846 of 1996 pending before the Debts Recovery Tribunal (hereinafter referred to as the Tribunal ) to the High Court of Delhi.

2. The allegations in the application before the Tribunal are that the petitioners requested for opening Letters of Credit in favour of M/s. Palmex Enterprises of Singapore for a sum of US dollars 205992.51 to cover the payment of consignment of PVC, C & F Bombay; that the respondent issued letter of credit in favour of the said seller for the said sum; that the letter of credit was transmitted to the seller through a negotiating bank authorising him under this Letter of Credit and to claim reimbursement by debiting the account of respondent-bank with their New York office; that the seller is purported to have shipped goods on 30.8.1979 and negotiated documents as required under the Letter of Credit on 31.8.1979 with the negotiating bank; that the negotiating bank made the payment and on receipt of-the original documents the issuing bank presented them to the buyer and asked the buyer to pay the amount; that the petitioner did not pay and hence the application bef