( 1 ) THIS appeal arises out of the judgment and decree dated 12th December, 1990 passed by the learned trial Judge in Suit No. 780 of 1983.

( 2 ) THE claim of the respondent-plaintiff, Britannia Industries Ltd. (hereinafter called, Britannia) is based on a bill of exchange purported to be dated 15. 02. 1983, for a sum of Rs. 1,00,000,00/- (Rupees one crore only ). The said bill of exchange has been annexed to the plaint and marked A.

( 3 ) AS per the version in the plaint, the said bill of exchange was drawn by the defendant No. 2, Metropolitan Construction (hereinafter referred to as Metropolitan) and was accepted by the defendant No. 1 the Punjab National Bank (hereinafter called, PNB ). But this is contrary to the endorsement on the bill of exchange itself.

( 4 ) HOWEVER, further case in the plaint is that the said bill of exchange is duly endorsed by Metropolitan in favour of Britannia and is delivered to Britannia who thus becomes the endorsee and the holder of the said bill of exchange.

( 5 ) IN paragraph 5 of plaint the averment is that the said bill of exchange was duly presented by Britannia for payment but was dishonoured by non-payment. Significant