J U D G M E N T

(The case has been heard through video conferencing)

Money suit for recovery of Rs.24,45,38,095/-as on 31/05/2017 with interest at the rate of 18% per annum on the principal sum of Rs.14,85,60,336/- towards goods sold and delivered.

2.The suit dispute is in respect of coal imported from foreign and delivered at Tuticorin Port at India. The suit claim is above the specified value. Hence, dispute was determined as Commercial dispute falling under Section 2(1)(c)(ii) of the Commercial Courts Act, 2015 and tried by the Commercial Division of the High Court, Madras.

3.Plaint averment in short:

The plaintiff Private Limited Company M/s Black Burn Fuels Pvt Limited is formerly known as M/s Maheswari Brothers Coal Limited. It is carrying on business in iron ore, coal, barytes, bentonite and other minerals for several years. It is operating in the States of Tamil Nadu, Andhra Pradesh, Karnataka etc. During the course of the business the defendant approached the plaintiff at its office at Chennai and evinced interest to buy Non-coking Coal of Indonesian Origin (herein after called as the ‘goods’) and the same was agreed by the plaintiff. 4.Pursuant thereto, on the three following dates, the goods were sold and delivered to the defendant.

First, on 20/12/2013, the plaintiff and the defendant executed High Seas Sale Agreement for selling 55,500 MT of goods at the rate of Rs. 3364.20/- PMT. The plaintiff raised invoice on the same date for Rs.13,67,13,100/- The goods were discharged at Tuticorin port through the vessel M.V.Nighthawk on

23/12/2013.

Second, on 21/03/2014 plaintiff and the defendant executed High Seas Sale Agreement for selling 55,000 MTS of goods at the rate of Rs.3388.19/- PMT. The plaintiff raised invoice on the same date for Rs.18,08,50,450/-. The goods were discharged at Tuticorin Port through the vessel M.V. HE HE on 24/03/2014. Third, on 30/01/2014, the plaintiff and the defendant executed High Seas Sale Agreement for selling 50,000 MTS of goods at the rate of Rs.3173.62/- PMT. The plaintiff raised invoice on the same date for Rs.17,91,50,849/-. The goods were discharged at Tuticorin Port through the vessel M.V. VIOLA on 24/08/2014.

5.As per the terms of the High Seas Sale Agreements and the invoices, the defendant is supposed to pay the invoice amount by RTGS or LC on usance basis on the 60th day. However, the defendant failed to pay the due in full within the time agreed. After giving credit to various payments (running account) made by the defendant to the plaintiff, as on 31/05/2017, a sum of Rs.14,85,60,336/- towards principal is due and payable by the defendant, besides interest. Apart from the above due, the plaintiff also lost Rs.1,77,34,472/- towards difference in foreign exchange rate, which the plaintiff is legally entitled to claim as against the defendant. Several meetings between the parties for settlement of the due at the office of the defendant at Chennai did not yield result and several promises given by the defendant were not kept. The defendant informed the plaintiff that they have filed a petition before the Regulatory Commission (TNERC) against TANGEDCO for realization of huge arrears pending with TANGEDCO towards the price for the energy supplied and as soon as, they get it, the plaintiff’s due will be settled. Thereafter, a meeting was held at the office of the defendant at Chennai between the plaintiff and the defendant, wherein the Defendant undertook to clear the dues on or before January 2017. However, the defendant failed to keep up their promise. The plaintiff came to know that the defendant received more than 100 crores from TANGEDCO, the same was neither disclosed to the plaintiff nor the dues of the plaintiff was settled.

6.Written statement averment in short:

In the plaint, No. 20, Chamiers Road, Nandanam, Chennai, is mentioned as the registered office of the defendant. However, it was the defendant’s office at Hyderabad, which involved in the transaction with the plaintiff. The