Bank since October 1983 and was granted a working capital facility for trading in purchase and sale of rough and polished diamonds. They raised a Bill of Exchange vide invoice No. 00/0258-R dated 19/09/2000 for US $ 57,730/-on their client the 1st defendant payable by 14/12/2000. Documents were presented through the Applicant’s branch at Surat. The defendants enjoyed a credit facility from the said branch of the Applicant bank. Despite the payment date getting over, the defendant did not pay the amount. Notice was issued to the defendant on 14/06/2001 demanding payment of the export Bill. The defendant in the reply dated 22/06/2001 acknowledged the receipt of the demand letter dated 14/06/2001 and requested some time to pay the amount. On being constantly contacted by the Applicant bank through the branch at Surat, the defendant made part payment of US $ 15,000/-together with a letter dated 13/07/2001. The balance amount was never paid though the defendant sought time to pay it. Notice was also sent by the Notary to M/s Exim Diamond Company BVBA on 22/01/2002. There is thus an outstanding amount of US $42,730/-due and payable from the defendant towards the Bill amount together with interest at the rate of 10% per annum with quarterly rests as of 14/12/2000. On the date of filing of the OA, a sum of ₹24,88, 395/-(equivalent to US $51,044/-calculated at the exchange rate of ₹ 48.75 per US $) is due from the defendants. The Applicant claims the aforesaid amount together with interest at the rate of 10% per annum with quarterly rests from the defendants 1/2 jointly and severally. 3. The defendant appeared and filed a reply to the OA raising various grounds. It is stated that the claim is false and frivolous and
