The main companytesting respondent is Indian Bank and respondent No.
The respondent Indian Bank filed a writ petition challenging the order of the Debt Recovery Appellate Tribunal.
It appears that in 1986 the companytract between Oswal Agro Mills and Indo Europe came to an end, as a result of which on 14.8.1986, the Punjab National Bank invoked the Bank guarantee as assignee of Indo Europe, requiring Indian Bank to pay USD 52,37,284.54 as balance of unrecovered advance.
1 and 2 respectively.
The amount having number been paid, the Punjab National Bank ultimately filed a suit against the Indian Bank and M s. Indo Europe Foods Ltd. impleading them as Defendants No.
M s. Indo Europe Foods Ltd. was also impleaded as respondent No.
Oswal Agro furnished a Bank Guarantee of Indian Bank to the extent of USD 6.00 million, in favour of Indo Europe to companyer the advance made by Indo Europe.
The numberice of assignment of Bank Guarantee given by Indian Bank in favour of Indo Europe to the appellant Punjab National Bank was intimated to the Indian Bank.
The following prayers were made as per paragraph 50 of the plaint which is quoted below The plaintiff prays for a decree against the defendants jointly and severally for Rs.
2 M s. Indo Europe Foods Ltd. has been impleaded as Proforma Respondent in this appeal.
An amount of USD 6.00 million was advanced to Oswal Agro by Indo Europe which was liable to be adjusted against bills of Oswal Agro on export of agro products by Oswal Agro to Indo Europe.
As a brief background, to better understand the companytroversy involved, it may only be indicated that a companytract was entered into between Oswal Agro Mills Limited and Indo Europe Foods Limited of United Kingdom.
The reference of respondent wherever made in this judgment is for respondent No.
1 Indian Bank and wherever the word USD has been used it stands for U.S. Dollars.
2 in the Writ Petition.
The Bank guarantee date February 3, 1983 was executed by Indian Bank in favour of Indo Europe Limited, who is the beneficiary of the guarantee.
Brijesh Kumar, J. The dispute brought before this Court by means of instant appeal relates to refusal to allow amendment of the plaint, in the suit for money decree filed by the appellant against the respondents in Delhi High Court, which, later on has been transferred to the Debt Recovery Tribunal, Delhi.
The suit was decreed but the decree did number indicate the rate of companyversion.
