1. The First Appeal arises out of the judgment and decree dated 02.12.1997 made in O.S.No.5242 of 1996 on the file of the learned V Additional Judge, City Civil Court, Chennai.

2. The averments made in the plaint are as follows:

(i) The first plaintiff is a partnership firm and the second plaintiff is the public limited company. M/S. Savema SPA, Italy, sold a consignment of spare parts for cutting machine to the first plaintiff as per their invoice No.677 dated 22.06.1987 valued at Indian currency of Rs.3,89,350/-. The said consignment packed in 2 crates containing spare parts for cutting machine were shipped on board the vessel “Vishva Mamta” at the port of loading viz., Marina Di Carrara Italy for safe carriage by sea and delivery at Madras to the first plaintiff, who is the owner of the consignment.

(ii) The defendant, who is a public limited company, issued their bill of lading No.1, dated 29.07.1987 signed at Marina Di Carrara and therey undertaking to carry and deliver the aforesaid two cases at the port of discharge at Madras.

(iii) The said vessel owned and chartered by the defendant carrier viz., Vishva Mamta, allegedly discharged the suit cargo at Bombay and accordi