The appellant Bank of Baroda was the companyfirming bank to the said letter of credit.
This execution petition was companytested mainly on the ground that the same had number been filed within the period of limitation.
This suit was decreed by the High Court of Justice, Queens Bench, Divisional Commercial Court of London hereinafter referred to as the London Court on 20.02.1995 and a decree for US 1,267,909.26 along with interest thereon was passed in favour of the appellant bank and against Vysya Bank.
The decree was number challenged and became final.
Signature Not Verified 3.
On 05.08.2009, the appellant bank filed an execution petition i.e. almost 14 years after the decree was passed by the London Court for execution of the same in terms of Section 44A read with Order 21 Rule 3 of the Code of Civil Procedure, 1908 CPC for recovery of Rs.16,43,88,187.86.
The appellant Bank of Baroda filed a suit against the Vysya Bank for recovery of its dues on 19.04.1993 in London.
Digitally signed by GEETA AHUJA Date 2020.03.17 Vysya Bank, which is the predecessor of the respondent 151747 IST Reason Kotak Mahindra Bank Ltd., issued a letter of credit for US 1,794,258 on behalf of its customer M s. Aditya Steel Industries Limited in favour of M s. Granada Worldwide Investment Company, London.
Deepak Gupta, J. Leave granted.
What is the limitation for filing an application for execution of a foreign decree of a reciprocating companyntry in India?
The Vysya Bank issued instructions to the London branch of the appellant on 12.10.1992 to honour the letter of credit.
Acting on this instruction the London branch of the appellant discounted the letter of credit for a sum of US 1,742,376.41 and payment of this amount was made to M s Granada Worldwide Investment Company on 13.10.1992.
