DEEPA SHARMA, J.

I.A. No. 22985/2015 (application on behalf of defendant under Order 37 read with Section 151 CPC for leave to defend)

1. Vide this application the defendant (hereinafter called as “AB”) has sought the leave to defend the case.

2. The present suit has been filed by the plaintiff under Order XXXVII of the Code of Civil Procedure (CPC) for the recovery of USD 1,505,267.81 equivalent to Rs. 11,00,04,972.03p. along with pendente lite and future interest at the rate of 12% per annum from the date of institution of the present suit till its actual realization.

3. The brief facts of the case are that the plaintiff Malayan Banking Berhad (hereinafter called as “MBB”) is a foreign bank of Malaysia. AB is a nationalized bank functioning in India and has one of its branches at Delhi and is working under the supervision of the Reserve Bank of India (hereinafter called as RBI) and therefore is bound to adhere to all the norms and international standards for banking practices in its operations. It is submitted that M/s Millennium Wires Pvt. Ltd (buyer) through State T