1. This suit has been filed by the plaintiff to recover from the defendants various amounts claimed by the plaintiffs under an Export Credit Insurance Policy dated 14th June 2008, issued by the defendants in favour of the plaintiffs and State Trading Corporation, the applicant herein. Under the said policy, the defendant had covered the insured in the sum of Rs.175 Crores upon the terms and conditions mentioned therein. The insured mentioned in the said policy is State Trading Corporation of India Ltd., i.e., the applicant and joint insured is Standard Chartered Bank, New Delhi, the plaintiff.

2. For the purpose of this chamber summons, brief narration of the facts is required. The applicant operates, inter alia, as an intermediary or a cannalising agent for sale and marketing of gold jewelery and to facilitate and promote its export with foreign buyers. The applicant is a Government of India Enterprise, operating under Union Ministry of Commerce and Industry.

3. The applicant had entered into an agreement with one Masumi Overseas Pvt. Ltd., whereby Masumi Overseas was to obtain export orders for gold jewelery from prospective buyers in the name of the applicant and the appli