File separate Artha Rin Suit against their borrower(s)guarantor(s)mortgagor(s) for recovery of

Mr. Z

Address….

Dear Sir,

We have perused the papers/ documents sent to us regarding the captioned subject matter.

It appears that on the application of Mr. X, Proprietor of COMPANY 1, BANK 1(the “Issuing Bank”) issued the following Letters of Credits (the “L/Cs”) for import of certain goods;

Sl. No. L/C No. and Date Value Beneficiary
1. 1203 02 04 0075Date. 28.05.2002 US $ 85,800.00 ………………….
2. 1203 02 04 0076Dated. 28.05.2002 US $ 73,152.00 ………………..
3. 1203 02 04 0128Dated. 01.09.2002 US $ 81,324.00 ………………
4. 1203 02 04 0130Dated. 01.09.2002 US $ 80,000.70 ……………
5. 1203 02 04 0064Dated. 06.05.2002 US $ 73,152.50 …………………….
6. 1203 02 04 0064Dated. 06.05.2002 US $ 68,172.00 …………………..
7. 1203 02 04 0077Dated 28.05.2002 US $ 60,372.00 ………………….
8. 1203 02 04 0129Dated. 01.09.2002 US $ 58,000.80 …………………….

The L/Cs under serial Nos. 1-5 were advised through the BANK 2 (the “BANK 2”) and the L/Cs under serial Nos. 6-8 were advised through the BANK 3 (the “BANK 3”). Thereafter at the request of Mr. Y, Proprietor of COMPANY 2 and COMPANY 3, BANK 2 sanctioned FDBP facilities of Tk. __________ in favour of Mr. Y. In other hand at the request of Mr. A, Proprietor of COMPANY 4, BANK 3 sanctioned FDBP facilities of Tk. 31,68,901.00 in favour of Mr. A. The aforesaid facilities have been extended upon acceptance of the bills of the respective L/Cs by the Issuing Bank.

Mr. X and Mr. A availed the aforesaid facilities in full but failed to adjust their liabilities with the BANK 2 and BANK 3 within the validity.

It is crystal clear that the different FDBP facilities are obtained by different parties i.e. Mr. X and Mr. A from the different branch of the Prime Bank Limited and as such separate causes of action arises for filing suit. Under such situation we are of the opinion that BANK 2 and BANK 3 has no option but to file separate Artha Rin Suit against their borrower(s)/guarantor(s)/mortgagor(s) for recovery of their outstanding dues.

Thanking you,

Yours faithfully,

………………….

For: “The Lawyers & Jurists”