' MAULVI ANWARUL HAQ, J.---The respondent filed suit for recovery of Rs,60,230,268 against the appellant. Notice in prescribed form were issued to the appellant. An application for leave to defend the suit was filed. A learned Single Judge of this Court acting as Judge, Banking Court while refusing leave to defend, decreed the suit in the sum of Rs,32,162,523.95 with mark-up at the rate of 18% per annum w,e,f, the date of filing of the suit till realization of the decretal amount vide judgment and decree dated 7-4-2000.
2. Learned counsel for the appellant contends that the impugned judgment and decree is against law and facts inasmuch as the appellant had made out a plausible defence in their application vis-a-vis the plea that a loan repayable in four years was not obtained and that the facility was provided to retire the L/C documents for the vehicles to be imported. Learned counsel for the respondent, on the other hand, argues that in view of the admission on the part of the appellant qua execution of the relevant documents, the learned Single Judge has correctly decreed the suit after refusing the leave.
3. We have gone through the records of GOS No,131 of 1998 out of which this R.F.A. Has arisen. We do find that while admitting that finance was provided by the respondent-Bank to cover the import price of 20 vehicles in the sum of US $ 917,700. It was pleased that the scheme under which the vehicles were imported was discontinued and consequently the goods were not released. It was also contended that the documents were signed for the said purpose. To our mind, the admission qua the provision of finance for opening/retiring of L/C by itself cannot be made the basis for presuming that the finance was provided on the terms stated in the plaint. We are, therefore, inclined to grant leave to defend the suit to the appellant upon deposit in Court the admitted amount of the said facility. However, learned counsel for the respondent-Bank agrees that let the leave be granted subject to deposit of Rs,1,00,00,000 (Rupees one crore). The R.F.A. Is accordingly allowed in terms that subject to deposit of the said amount of Rs,1,00,00,000 (Rupees one crore) within a period of 90 days i,e, on or before 8-4-2002, the appellant is granted leave to defend the suit and to file a written statement containing defence. In case the appellant fails to deposit the said amount with the learned trial Court on or before the said date. The leave shall stand withdrawn and the decree passed shall stand revived. No orders as to costs.