( 1 ) THIS appeal is directed against the order of the learned Single Judge dated 13th February, 2002, thereby disposing of an application under Order XXXIX Rules 1 and 2 filed on behalf of the plaintiff-respondent and an application under Order XXXIX Rule 4 CPC filed by the defendant-appellant.

( 2 ) THE relevant facts which may be noticed for deciding this appeal are that Mauria Udyog Pvt. Ltd. , respondent No. 1 herein (briefly referred to as the `indian Company ) has entered into an agreement with M/s. Nissho Iwai Corporation Ltd. , Tokyo, Japan, the appellant (briefly referred to as the `japanese Company ) for the supply of 10,000 MT of "hot Rolled Steel Sheets in Coil" of the specifications detailed in the proforma invoice bearing No. 2430-NW dated 25th April, 2001 @ US$ 262. 50 per MT, CFR, Bombay. The mode of payment of the price of goods was through irrevocable, un-confirmed, non-restricted Letters of Credit payable at sight. In pursuance of the aforesaid, the Indian Company opened the following three irrevocable letters of credits with the Corporation Bank (respondent No. 2):-

"l. C. No. 60621112 for USD 262500 l. C. No. 60621131 for USD 525000 l. C. No. 606