( 1 ) HANUMAN Synthetics Ltd. , the Respondent No. 1, entered into an agreement to purchase from the Respondent No. 3, J. B. International, Singapore, 75 Metric Tonnes of Viscose Staple Fibre having semi dull normal tenacity, of Japanese or South Korean origin of the specification 1. 5 Deniar x 51 MM. The Central Bank of India opened a Letter of Credit dated February 21, 1983 at the request of Hanuman Synthetics Ltd. The Letter of Credit was opened in favour of J. B. International, the Respondent No. 3, herein. The Letter of Credit was an irrevocable and transferable Letter of Credit. Under the Letter of Credit, it was stipulated that J. B. International would be entitled to avail and/or operate the same by drafts drawn at 120 days from the date of the Bill of Lading which was 17th March, 1983 and by presentation of the following documents:- 1985 Cal. /7 III G-18 (A) signed commercial invoice in quadruplicate covering shipments of VISCOS Staple Fibre; (b) certificate of origin in duplicate issued by a Chamber of Commerce; (c) full set of clean "shipped on board" bills of lading; (d) marine insurance policy or certificate in duplicate; (e) a certificate to the