Judgment

N. H. BHAGWATI J. : This appeal with a certificate of fitness is directed against the judgment and decree passed by the High Court of Judicature at Bombay in appeal from its ordinary Original Civil Jurisdiction confirming, though on different grounds, the judgment and decree passed by a Single Judge of that High Court in Suit No. 468 of 1951 instituted by the appellants (Original Plaintiffs) to recover from the respondents (Original Defendants) a sum of Rs. 1,80,099-8-0 with interest and costs.

2. Since the year 1932 the first appellant has been a member of the East India Cotton Association Ltd., (hereinafter referred to as "the Association") as the sole proprietor of the firm of Messrs. Narrondass Monordass (hereinafter referred to as "the member firm"). The first appellant along with other partners carried on business in partnership in Bombay inter alia as Cotton Merchants and Commission Agents in the name and style of Messrs. Narrondass Monordass, the 2nd appellant (hereinafter referred to as "the partnership firm"). The respondents are a partnership firm and also a member of the Association.

3. Between 23rd September, 1947, and 10th December, 1947, the Member Firm sold to