1. The appellants are the defendant in this suit O.S.No.1456 of 1998 on the file of the Principal Sub Court Coimbatore. While the trial Court has dismissed the suit filed for recovery of money arising out of damages towards breach of contract, the First Appellate Court in A.S.No.118 of 2008 [On the file of District Judge Coimbatore on The First Additional District Judge] allowed the appeal and decreed the suit with interest at the rate of 6 % per annum with costs.

2. Aggrieved over the reversal judgment, the present Second appeal is preferred by the defendants.

Brief facts leading to the appeal

3. For the sake of brevity the parties are referred as per their description and ranking in the suit. The plaintiff who is the respondent herein is a Public Limited Company incorporated under the Companies Act 1956. Many of the sick Textile mills throughout India had been taken over by this Plaintiff in order to rehabilitate and reconstruct the units. One such unit is Cambodia Mills at Coimbatore. During the month of January 1996, the plaintiff company invited tenders for sale of cotton waste/blended waste for the quarter year from January to March 1996. To tender notice dated 09.01.1