Back
ABDUL QUDDHOSE
Chemfab Alkalis Ltd. – Appellant
Versus
State Bank of India – Respondent
JUDGMENT :
PRAYER: Plaint filed under Order IV Rule I of Madras High Court Original Side Rules and Order VII Rule 1 of C.P.C. for the following reliefs:
a) For a Declaration that the Defendants 2 & 3 are not entitled to claim payment of any sum under the letter of Credit bearing No.0702408IM0000782 dated 10-09-2008 issued by the 1st Defendant; and
b) For Consequential Permanent Injunction restraining the Defendants 2 & 3 from claiming payment of any sum under the letter of Credit bearing No.0702408IM0000782 dated 10-09-2008 issued by the 1st Defendant ; and
c) For Consequential Permanent Injunction restraining the 1st Defendant from making payment of any sum under the letter of Credit bearing No.0702408IM0000782 dated 10-09-2008 issued by the 1st Defendant;
d) for costs of the suit.
This suit has been filed, seeking the following reliefs:
b) For Consequential Permanent Injunction restraining the Defendants 2 & 3 from claiming payment of any sum under the letter of Credit bearing No.0702408IM00007
Strict compliance with the terms of a letter of credit is essential for payment; any discrepancies in the documents presented invalidate the entitlement to payment.
The main legal point established is that the Defendant No.1's objections to the documents and invocation of foreign exchange regulations were beyond the scope of the contract, and the Defendant No.2'....
A bank guarantee is an independent contract, and courts will not interfere with its execution unless there are exceptional circumstances such as fraud or irretrievable injustice.
Point of Law : Work Contract - Rate of further interest, in the absence of the contractual rate, shall not exceed the rate on which moneys are lent or advanced.
A contract of guarantee is an independent, voluntary undertaking to discharge a third party's liability. The surety's liability is co-extensive with the principal debtor's. A bank is bound by its cus....
The scope and ambit of exercise of power and jurisdiction by a High Court under Article 227 of the Constitution of India is examined and explained in a number of decisions of this Court. The exercise....
Bank guarantees are independent and unconditional contracts, and courts should refrain from interfering with their invocation unless exceptional circumstances such as fraud or irretrievable injury ar....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
