Sugato Majumdar, J.: The instant suit is filed by the Plaintiff praying for a decree of Rs. 14,23,920/-, interest along with other prayers.

The Plaintiff carries on business of export and trading of shellac. The Defendant is a co-operative society having its office at Ranchi, Jharkhand. The plaint 2 | P a g e case in nutshell is that pursuant to negotiation between the parties, the Plaintiff agreed to purchase and the Defendant agreed to sell, confirmed by the later in terms of a letter dated 15/04/2000, to sell 24 metric ton shellac. In terms of the agreement, the Plaintiff deposited 10 per cent of the contract value as the earnest money by a demand draft dated 17/04/2000, drawn on Indian Overseas Bank, amounting to Rs.2,73,600/-. The said demand draft was duly received by the Defendant at its office at Ranchi. Acknowledgement was made on 18/04/2000. In terms of the letter dated 17/04/2000 the Plaintiff inquired into when the Defendant would be ready to deliver the first lot of 12 metric ton shellac so that the Plaintiff’s representative may collect the same and deposit the balance consideration money. The Plaintiff’s object to purchase shellac was to supply and sell the same to an

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