towards fees/charges, ₹1,98,26,227.13 was paid under reserve to the Respondent on 24.01.1997 relying upon the information given by the Respondent. Interest at the rate of 13% p.a. was charged for 25 days. The credit advice further stipulated that if the bill was not realised during the normal transit period the Respondent will pay the Appellant interest for the delayed period. The amount was accepted by the Respondent on the said terms and conditions. On the documents being presented by the Appellant to the issuing Bank it was informed by way of a telex message on 03.03.1997 that a sum of $1,01,531.25 has been deducted from the invoice amount towards demurrage in terms of the LC and that a further sum of $50 was deducted towards payment of bank charges. The Appellant thus received a sum of $4,58,040.67. The Respondent was informed by the Appellant by a letter dated 04.03.1997 about the receipt of the telex message referred to above and asked the Respondent to remit into their current account the aforesaid deficit amount. The copies of invoices raised by the importer, the demurrage charges, etc. were also forwarded to the Respondent on 08.03.1997. The Respondent did not pay the amount and instead addressed the Appellant with a letter dated 11.03.1997 stating that NCS Estates Pvt. Ltd. and Ganesh Benzoplasts Ltd. were liable for demurrage. The Appellant informed the Respondent by letter dated 17.03.1997 that nothing was informed regarding the arrangement between the Respondent and the above-mentioned two concerns and that the involvement of those two companies had no relevance to the transaction between the Appellant and the Respondent.
