( 1 ) THESE are two applications filed by defendant No. 6. These were filed on 4-4-1988. First application is under Order 9 Rules 13 and section 151 of the Code of Civil Procedure and the second under section 5 of the Limitation Act, 1963. The ex parte judgment and decree which are sought to be set aside are dated 10-3-1987. The circumstances which led to the filing of these two applications may be stated in brief in so far as these are relevant.

( 2 ) THE plaintiff is constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1971 ). On 30-8-1982 it filed a suit for recovery of Rs. 91,58,480. 08 against defendants numbering six. Defendant No. I is a partnership firm, of which defendants 2, 3, 4 and 5 are the partners, 6th defendant, who is now the applicant, is the body incorporate under the laws of West Germany and is said to be a foreign company within the meaning of the Companies Act, 1956. On the request of defendants No. I to 5, the plaintiff on 26-6-1979 established an irrevocable Letter of Credit for US $ 6,10,900 (equivalent to about Rs. 50,00,000) for import of PVC Resins in favour of one M/s. Bentrex and Co. , Singapore. The Lette