MR. JUSTICE S. RAVINDRA BHAT

1. This is an appeal from an order of the learned Single Judge rejecting the plaint in CS(OS) 545/2012 under Order VII Rule 11 Code of Civil Procedure (hereafter “CPC”). The suit – of Millennium Wires,(hereafter “Millennium”) the first plaintiff and State Trading Corporation (STC, the second plaintiff) sought a permanent injunction against the Allahabad Bank; it also sought to restrain the other defendants, including the fourth defendant, the Malayan Bank (hereafter the “foreign bank”) from honouring a Letter of Credit (LC) issued by the Allahabad Bank at the behest of STC.

2. The suit relates to an “Associateship” agreement (dated 02.12.2011, hereafter “the AA”) between the STC and Millennium for the import of continuous cast copper rods. Millennium had been, as per its case before the learned Single Judge, importing such rods from Synergic Material Services PTE Ltd. and Synergic Industrial Material Services Malaysia, group companies based in Singapore and Malaysia respectively (hereinafter

“Synergic, Singapore” and “Synergic, Malaysia” respectively, and collectively as “the Synergic companies”). With a view to importing 400 metric tons of the