V.K. JAIN, J

1. This is a suit for recovery of `84,15,000/-. It has been alleged in the complaint that the plaintiff is a company incorporated in Singapore and Sh. D.D. Gupta, who is its Managing Director and Principal Officer, is competent to institute this suit and sign and verify the pleadings on behalf of the plaintiff company. It has been further alleged that vide Sales Contract No. 3371 dated 29th April 1997, the defendant company agreed to purchase Australian Tyson Chick Peas from the plaintiff company on the terms and conditions detailed in the contract. Pursuant thereto the plaintiff company shipped 2000 MT of commodities valued at US$1,85,729.25, vide invoice dated 27th June 1997. As per the terms of the sale contract, the plaintiff drew Bill of Exchange for the invoiced amount. The Bill of Exchange envisaged payment by the defendant to Standard Chartered Bank, Singapore or any banker or trust nominated by it, within 90 days of sight. Bank of Punjab Ltd. Connaught Circus Branch, accordingly presented the Bill of Exchange for acceptance and payment by the defendant. The Bill was accepted by the defendant on 29th July 1997. The defendant paid a total sum of