Supreme Court · 2015 INSC 34 · Decided 14 January 2015
National Bank Limited v. Ghanshyam Das Agarwal & ORS.
- Court
- Supreme Court of India
- Citation
- 2015 INSC 34 · [2015] 1 S.C.R. 937
- Case number
- CIVIL APPEAL No. 7513/2009
- Decided
- 14 January 2015
- Bench
- VIKRAMAJIT SEN, ARUN MISHRA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
International trade - Letter of credit (LC) - Responsibility A 8 of the opening bank - Held: In trans-borcier or international transactions, trade depends almost entirely on the faith C reposed in banking institutions to secure the price of the exporled goods, commodities etc - Exporler can Bankers will watch its interests by ensuring that the exporled consignment shall be released to the buyer only on the transmission of the price of the D shipment as secured through LC - Thus, heavy and fiduciary responsibility rests on the Opening Bank which furnishes LC to ensure that payment
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