1. The instant application is filed by the plaintiff/petitioner for final judgment and decree against the defendant/respondent for a sum of Rs. 1,24,77,15,252.03 together with the interest at the rate of 18% per annum. Admittedly, the defendants have not filed the written statement as on the date of the filing of the instant application and the relief’s claimed in the instant application is in the nature of summary judgment.

2. The fact emerged from the application is that the petitioner is a registered non banking financial company for providing loans for infrastructure projects in the State of West Bengal. For smooth running of the business, the petitioner raises money from the public upon issuance of the Government guaranteed bonds. Some of the bonds so issued have been rated by approved rating agencies and during the year 2005 to 2008 and 2010/2011 the petitioner issued the bond series of Rs. 1000 Crores, which were approved by a rating agency like Credit Analysis and Research Limited, India Rating and Research Pvt. Ltd. and Brickwork Rating India Pvt. Ltd. The salient conditions of those bonds as imposed by the rating agencies was that a sinking fund ought to be creat