By this order it is proposed to decide an application under Order XII Rule 6 read with Section 151CPC praying for judgment on admissions made by the defendants in the pleadings and a decree in the sum of the principal amount of Rs.49,59,630.55 (Rupees Forty Nine Lacs Fifty Nine Thousand Six Hundred Thirty and Paise Fifty Five only) admitted by them.

2. The plaintiff has filed the instant suit for the recovery of Rs.1,18,03,920/- (Rupees One Crore Eighteen Lacs Three Thousand Nine Hundred Twenty only), which represents the principal amount of Rs.49,59,630.55 (Rupees Forty Nine Lacs Fifty Nine Thousand Six Hundred Thirty and Paise Fifty Five only) and interest of Rs.68,44,289/- (Rupees Sixty Eight Lacs Forty Four Thousand Two Hundred Eighty Nine only) on account of refund of the excess amount deposited by the plaintiff with the defendant No.2 in the account of the defendant No.1 in the following circumstances.

3. The State Trading Corporation of India (in short the STC) sometime in the month of July, 1995 received an export order from NFA, Philippines for the export of 25000 M.Ts of rice. The STC in order to effect these supplies, entered into an Agreement with the p