We Blue Canyon Exports LLC in USA sent collection bill to our drawees bank Dhanlaxmi Bank Vashi Branch for USD 1, 20, 000 /- with a clear instruction to send documents back to USA if not paid within 7 days. This documents were sent through Wells Fargo bank.
The documents remain unpaid for more tahn 21 days after receipt and bank did not return the documents to us even after sending reminders from Wells Fargo Bank.
We sold goods upon non payment to another buyer in India as goods were already here and we had no time to wait. We sold at discounted price of USD 400/ M.T. to a new buyer against our original sale price of USD 445/M. Ton. After almost 1 month original drawee paid the bill and Dhanlaxmi bank handed over original documents to old consignee there by violating our instruction. Not only this now we are facing problem from new buyer as he wants goods at contracted price of 400/ton and we do not have goods. New buyer is claiming market settlement at 460/M. Tons which amounts to USD 18000/- compensation to be paid out to them. They are justified as it is not there fault. On account of Dhanlaxmi Bank's high handed action and unjustifiably supporting their client has put us into enormous loss.
dhanlaxmi bank must pay compensation amount which we have to pay to new buyer for their misdeeds.
0 comments