JUDGMENT

(Prayer: This Civil Suit has been filed, under Order VII Rule 1 of CPC and Order IV Rule 1 of the Original Side Rules, for the reliefs as stated therein.)

1. This Civil Suit has been filed, seeking a judgment and decree, directing the Defendants to pay a sum of Rs.2,17,22,637/- together with interest at the rate of 18% p.a. from the date of the plaint till payment in full is made and for costs.

2. The case of the Plaintiff, in a nutshell, as set out, in the plaint is as follows:-

a) The Plaintiff Company was incorporated in the year 1990 under the Companies Act, 1956. The Plaintiff Company was appointed as Sole National Distributors for Siemens Mobile Phone and Accessories on 19.10.2001. The Plaintiff Company approached the 2nd Defendant Bank for a loan of Rs.600 lakhs. The Defendants agreed to grant the Plaintiff Company a Letter of Credit/Cash credit facilities for Rs.600 lakhs on communication of the documents, namely, demand promissory note, letter of continuing security, hypothecation of stocks/book debts, personal guarantee of Lalchand Munoth, Jaswant Munoth, Bharat Munot and Vikas Munot, letter of credit applications and also mortgaging the Company-s prop