V.S.DESAI, N.L.ABHYANKAR
J. K. Chemicals Ltd. – Appellant
Versus
Kreba and Co. Ltd. and Ors. – Respondent
(1) This is an appeal from the order passed by Mr. Justice K. K. Desai dismissing the Notice of Motion taken out by the plaintiffs in suit No. 303 of 1960 in the Ordinary Original Civil Jurisdiction of this Court.
(2) The Plaintiffs are the purchasers of a sulpur dioxide plant agreed to be sold to them by the defendants, 1, 2 and 3 who are foreign corporations. The plaintiffs have paid to the defendants 85 per cent of the price agreed for the sulpur dioxide plant and for the balance of the purchase price they have executed promissory notes in favour of defendants 1 to 3. These promissory notes have been "backed" for the plaintiffs by the State Bank of India, which is the 4th defendant in the suit. The present suit of the plaintiffs is on the basis that the defendants have committed a breach of the contract and the plaintiffs have, therefore, been entitled to the reliefs, which they have claimed in the suit. These reliefs are for recovery of certain amounts from the defendants, for cancellation of the promissory notes and also for an order restraining the 4th defendant from making payments on the promissory notes to defendats 1 to 3. the plaintiffs have also
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