Mr. Justice R.C. Mankad, President—The complainant is a private limited Company incorporated under the Singapore Companies Act and it is having its registered office at Singapore. The complainant sold 49.5 M.T. of polyethylene LDP 900 to one K.C. Enterprises for total price of US $ 29205 under invoice No. 320901 dated January 20,1993. Documents relating to the said consignment were sent through State Bank of Indore, the opponent herein. The documents included bill of exchange dated January 21,1993 which was payable on site on presentation to K.C. Enterprise.

2. K.C. Enterprise requested the complainant to grant period of 90 days beyond the due date of payment of the said bill of exchange. According to the complainant the period of 90 days was to be counted from January 21, 1993. The complainant granted this request of K.C. Enterprises and extended the time for payment of the bill of exchange as a special case. This time was further extended by 60 days at the request of K.C. Enterprises. The opponent was informed about extension of time on both the aforesaid occasions. The complainant had granted extension of time as aforesaid subject to the condition of payment of interest. The