JUDGMENT

S.N. Variava, J.-These Appeals are against the Order of the Delhi High Court dated 17th July, 2001.

2. Briefly stated the facts are as follows:

The Appellants are the owners of vessel "DEKHODA". They had chartered out the said vessel to the 1st Respondent. In respect of freight and demurrage charges, certain amounts became due and payable. For remitting this amount, the permission of the Reserve Bank of India was required. According to the Appellants, the 1st Respondent, through its Banker, the 2nd Respondent, was to apply for the Reserve Bank of India permission. In the meantime, parties agreed that the irrevocable Standby Letter of Credit would be opened. The 1st Respondent thus gave to the Appellants irrevocable Standby Letter of Credit issued by the 3rd Respondent. After receipt of the irrevocable Standby Letters of Credit, the Appellants delivered possession of the cargo to the 1st Respondent. In respect of the amount of freight, Reserve Bank of India permission was taken and the amount was remitted. The 1st Respondent then raised the dispute in relation to the liability for the sum of USD 267,000 for demurrage.

3. As the 1st and/or 2nd Respondents were not applying for R