M.B.SHAH, RANJANA DESAI
Virgo Steels – Appellant
Versus
Bank of Rajasthan Ltd. and others – Respondent
2. (a)Summons for Judgments No. 425 of 1994 in Summary Suit No. 4510 of 1993:
The suit is filed by the Bank of Rajasthan Limited against UCO Bank (defendant No. 1), Virgo Steel (defendant No. 2) and Krishna Steel Udyog (defendant No. 3). Virgo Steel opened an Irrevocable letter of credit dated 22nd August, 1991. The letter of credit was for the benefit of Krishna Steel Udyog (defendant No. 3) Defendant No.3 drew a Bill of Exchange dated 22nd August, 1991 for a sum of Rs. 49,50,000/- and presented all the relevant documents to the Bank of Rajasthan Limited (plaintiffs). The Bank of Rajasthan Limited forwarded the original documents, together with the Letter of Credit, to UCO Bank and sought a confirmation whether the documents were in order. UCO Bank, by their reply dated 27th August, 1991 confirmed that the documents were in order, and that they would make payment on due date. After receiving the said confirmation, the Bank of Rajasthan Limited paid the amount to Krishna
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