JUDGMENT

P.S.DINESH KUMAR, J. - This appeal by the defendant is directed against judgment and decree dated January 25, 2010 in O.S. No. 15450/2005 passed XXVI Addl. City Civil and Sessions Judge, Bangalore, decreeing the suit and directing the defendant to pay a sum of Rs.25, 67, 000.00 with interest at 12% p.a.

2. We have heard Shri. H.R. Anantha Krishna Murthy, learned Advocate for the appellant/defendant and Shri. Paras Jain and Shri. G.P.Jagadeesh, learned Advocate for the respondent/plaintiff.

3. For the sake of convenience, parties shall be referred as per their ranking in the Trial Court.

4. Brief facts of the case are, plaintiff is a Private Limited Company. It imports stainless steel and other commodities. Defendant entered into two separate 'High Sea' Sale agreements dtd. 15/7/2002 to purchase steel coils weighing 20.788 MT and 20.478 MT having CIF[Cost, Insurance, and Freight] value of USD 27959.86 and 27542.91. The stainless steel was to be imported from Rio-De-Janeiro, Brazil to Chennai Port. As per the Contract, defendant was required to pay the value of goods within thirty days from the date of invoice. Plaintiff raised a debit note (bearing No.001 dtd. 7/10/2002) for