JUDGMENT

(Prayer: The suit is filed under Order IV Rule 1 of O.S. Rules read with Order VII Rule 1 CPC Section 7 of the Commercial Courts, Commercial Division and Commercial Appellate Division of High Court Act,2015, praying to (a) direct the defendant to pay a sum of Rs.16,52,82,984/- (Rupees Sixteen Crores Fifty Two Lakhs Eighty Two Thousand Nine Hundred and Eighty Four only); (b) for further interest at 24% p.a. On the sum of Rs.16,52,82,984/- from the date of filing of the suit till the date of realization; and (c) for the costs of the suit.)

1. The suit was instituted for the recovery of a sum of Rs.16,52,82,984/- from the defendant with further interest thereon at 24% from the date of filing of the suit until realization.

2. The plaintiff stated that it was engaged in the manufacturing and trading of iron and steel products. According to the plaintiff, the defendant carries on the business of dismantling defunct factories and selling the salvage as scrap. Since scrap may be used as raw material for manufacturing and trading of iron and steel, the plaintiff and defendant had a long period of association. The plaintiff further stated that KIOCL Limited (previously known as Kudremu