( 1 ) THE plaintiff, National Oils and Chemical Industries Ltd. , filed suit No. 244 of 1978, seeking perpetual injunction against defendant No. 1, Punjab and Sind Bank Ltd. (herein called the Bank ) restraining it from paying any amount on the basis of the three Letters of Credit No. NDHO 9541 to 9543 dated 2nd Dec. , 1977, to defendant No. 2, B. S. Aujla Company Pt. Ltd. , (herein called the company ) alleging that no amount was and is payable by defendant No. 1, or the plaintiff to defendant No. 2 on the basis of the aforesaid letters of credits. The plaintiff further seeks perpetual injunction against defendant No. 2 restraining it from drawing upon the aforesaid letters of credit or receiving any amount thereunder.

( 2 ) THE case of the plaintiff is that the company through its agents (M/s Tri-Une Produce Brokers) entered into an agreement at Delhi with them for the supply of 1100 metric tons of raw palm oi (of the specifications detailed in the contract) at the rate of U. S. $511 per metric ton C. I. F. Madras and that pursuant to the said agreement, three contracts were. executed between the parties, photo copies whereof are Annexures A to C to the plaint. In te