entered into Charter Agreement with the Vessel owner. On 10/10/2014, Letter of Credit was issued by the State Bank of Mysore on behalf of the Appellants/Sharp Corp Ltd. for payment favouring foreign supplier under the said Agreement. On 13/10/2014, Insurance Policy was issued and on 15/10/2014 commercial invoice was issued by the foreign supplier. As per High Seas Sale Agreement dated 20/10/2014, rights and title of the goods would be transferred by the Appellants/Sharp Corp Ltd. to BGTL only after the full payment was made to them and Bills of Lading would then be endorsed in favour of BGTL. According to the Appellants/ Sharp Corp Ltd, BGTL also had executed a deed of pledge. Then, on 28/10/2014, extension to the Agreement dated 17/09/2014 with BGTL – cum – pledge deed was made. This showed that the Appellants/ Sharp Corp Ltd were the owners of the goods till realization of payment from BGTL. On 30/10/2014, freight was paid by the Appellants/ Sharp Corp Ltd. State Bank of Mysore, on behalf of the Appellants/ Sharp Corp Ltd remitted the entire amount of USD 1,719,965 to the foreign supplier. According to the Appellants/ Sharp Corp Ltd, in order to facilitate the discharge at port and custom related work, photocopies of all the Bills of Lading were endorsed in favour of the BGTL. According to the Appellants/ Sharp Corp Ltd, out total 22,900 MT, payment was received only in respect of 7000 MT and to that extent the Appellants/ Sharp Corp Ltd delivered original Bills of Lading and the balance 15900 MT was lying at the port and the original Bills of Lading are still in possession of the Appellants/ Sharp Corp Ltd.
