( 1 ) THE Standard Chartered Bank filed a suit under the provisions of order 37 of the Code of Civil Procedure for recovery of different amounts against different defendant-companies. In Summary Suit no. 1339 of 2006 filed against Neolite Ploymer Industries Pvt Ltd the bank claimed US $ 502,437. 00 being the principal amount of two Bills of Exchange which are annexed to the plaint at Exhibits B1 and B2 respectively along with the interest of US $ 267,226. 03 being calculated at the rate of 18% p. a. from the due date until institution of the suit and also claimed same interest till realisation.

( 2 ) IN terms of the averments made in the plaint, the Bank pleaded that ransat PLC, a company incorporated under the Laws of England and Wales with its office at 137, Regent Street, London, W14 7ld united Kingdom, drew two bills of exchange on the defendant company in respect of certain supplies made by Ransat to the defendants. Each bill was payable 60 days after the acceptance of the order of the Bank. Each bill, when presented, was accepted by the defendant company in the suit. However, when presented for payment, the bill was dishonoured. The details of the two b