S. Muralidhar, J. 1. This suit seeks a decree against the Defendant No.1 for a sum of Euro 49,842/- along with pendente lite and future interest at 16.5% annum together with costs. The case of the Plaintiff

2. The Plaintiff describes himself as the Proprietor of a concern under the name and style of M/s Super Fashion, which is an exporter of garments. Its export destinations are claimed to be the United States of America (USA), Canada and Europe. The Plaintiff claims that the concern has acquired the status of a government recognized export house. Defendant No.1 is a bank headquartered in France, having an office in Delhi. It is stated to be fully owned by the Credit Industriel et Commercial (CIC), a joint stock company incorporated under the laws of France and having its head office at Paris. CIC has a representative office in New Delhi established under permission of the Reserve Bank of India (RBI) by a letter dated 18th February 1997. Defendant No.2 is the Syndicate Bank with which the Plaintiff has an account. It is stated that the Defendant No.2 is only a proforma party.

3. According to the Plaintiff, in and around the second week of January 2003, M/s Li & Fung (India