1. THE respondent, Metallurgical engineering Consultants (India) Limited, instituted a suit under Order 37 of the Code of Civil Procedure, being Suit No. 1007 of 1989 (Mettalurgical engineering Consultants (India) Ltd., v. Indian Bank), on a bank guarantee bearing No. 417 dated July 17, 1987 for a sum of Rs.73,74,000/- furnished by the defendant, Indian Bank (i.e. , the appellant before us) at the instance of a party to the underlying contract, M/s. SCIL India Limited (formerly simon-Carves India Limited. Thereafter the plaintiff, being the respondent before us, took out a summons for final judgment for the said sum of Rs.73,74,000/- when the defendant, Indian Bank, the appellant before us, failed and neglected to honour the bank guarantee for such sum upon invocation by the beneficiary, i.e. , the respondent herein. The defendant (i.e. , the appellant before us) also took out a summons for leave to defend the said suit instituted by the respondent against the appellant. The learned trial Judge by an order dated April 6, 1992 dismissed the appellant's application for leave to defend the said suit and allowed the respondent's application for final judgment. The said order da