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KRISHNA RAO
Phoenix Overseas Ltd. – Appellant
Versus
Bangladesh Krishi Bank – Respondent
JUDGMENT :
Krishna Rao, J.
1. The plaintiff has filed the instant suit for a decree of US$ 70,243 or the Indian equivalent thereof being Rs.42,14,580/-, along with an interim interest and interest upon judgment at the rate of 18% per annum.
2. The plaintiff is a company incorporated under the Companies Act, 1956, namely, Phoenix Overseas Ltd., having its registered office at 13B, Bidhan Sarani, Chanda Plaza (4th Floor), Kolkata – 700006, Police Station – Amherst Street. However, the name of the plaintiff Company was changed from Phoenix Overseas Pvt. Ltd. to Phoenix Overseas Ltd. vide fresh certificate of Incorporation consequent upon change of name on conversion to Public Limited Company on November 14, 2011.
3. The Plaintiff is engaged in the business of inter alia, exports of diverse commodities and is one of the leading exporters of various Agricultural Commodities, environment friendly packing materials (laminated bags/shopping bags etc.) and handicrafts to different countries in the world from India.
4. The plaintiff is a Trading House recognized by the Government of India and also members of FIEO, APEDDA and SPICES BOARD.
5. The defendant no.1 is the Bangladesh Krishi Bank, owned
The main legal point established in the judgment is the liability of the defendants to pay interest on delayed payment as per the terms of UCP-600, specifically citing Article 14(6) and Article 16(ii....
The main legal point established is that the Defendant No.1's objections to the documents and invocation of foreign exchange regulations were beyond the scope of the contract, and the Defendant No.2'....
The main legal point established is that the defendant's failure to specifically address each allegation of fact and provide a specific denial led to the presumption that the unaddressed facts were a....
Point of Law : Work Contract - Rate of further interest, in the absence of the contractual rate, shall not exceed the rate on which moneys are lent or advanced.
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