DEBANGSU BASAK
Nagreeka Exports Ltd. – Appellant
Versus
Pubali Bank Ltd. – Respondent
Debangsu Basak, J.
1. The plaintiff sold Indian Parboiled Rice (non Basmati) to the Defendant No. 3. The payment was secured by an irrevocable letter of credit. The Defendant No. 3 caused an irrevocable documentary letter of credit dated December 28, 1998 for US$ 22,770/- to be opened by the Defendant No. 1 with the plaintiff being the beneficiary thereof. The letter of credit was advised to the plaintiff by the Defendant No. 2. The plaintiff exported the contracted goods to the Defendant No. 3. The Defendant No. 4 negotiated the letter of credit and presented the documents to the Defendant No. 1.
2. According to the plaintiff, the Defendant No. 1 wrong fully dishonoured the letter of credit. Furthermore, according to the plaintiff the Defendant No. 5 wrong fully allowed the Defendant No. 3 to take delivery of the goods. The plaintiff did not receive payment in respect of the goods. The plaintiff, therefore, claimed a decree for US dollars 22,770/-against the Defendant Nos. 1, 3 and 5 jointly and severally to whether with interest.
3. The Defendant No. 1 filed written statement. In the written statement it was claimed by the Defendant No. 1 that, the letter of credit negoti
AIR 1954 SC 210 paragraph 16 (Jagan Nath v. Jaswant Singh & Ors.
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