JUDGMENT :

G.S.SISTANI, J.

1. This is an appeal under Section 96 read with Order XLI of the Code of Civil Procedure, 1908 read with Section 10 of the Delhi High Court Act, 1966 filed by the appellant impugning the judgment dated 20.01.2017 by which a Single Judge of this Court has dismissed the application seeking leave to defend and has decreed the suit in favour of the respondent.

2. The brief facts which are required to be noticed for the disposal of this appeal are that M/s. Millennium Wires Pvt. Ltd (hereinafter referred to as ‘buyer’) is dealing in the manufacturing and trade of Continuous Cast Copper Wire Rod and ‘EC Grade, Hard Drawn Copper’ for manufacturing of copper wire. The buyer was willing to import Continuous Cast Copper Wire Rod for trading purposes and accordingly, it entered into an Association Agreement on 02.12.2011 with State Trading Corporation (‘STC’). The said agreement envisaged the import of the goods from Synergic Industrial Materials and Services Pvt. Ltd. and Synergic Industrial Material Services Malaysia (‘Synergy’/‘seller’). The aforesaid transaction was based on the opening of Letters of Credit (LCs) in favour of the seller through Malayan Banking Berh