Supreme Court of India
Tarapore & Co., Madras v. M/s. V/o Tractors Export, Moscow and Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
1 Supreme Court bench has cited this judgment.
What the Court ordered
In the result we allow Civil Appeals Nos. 2305 and 2306 of 1968 with costs of the appellant therein and set aside the tem porary injunctions granted by the trial judge.
Judgment, page 13
From the headnote
Banking Practice-Irrevocable letter of credz't--Significance of-If Courts can interfere with commercial practice when international reper· cussions are involved. An Indian Firm (the appellant) entered into a contract with a Russian Firm (the respondent) for supply of certain machinery, Jn pursuance of the contract, the appellant opened a con.firmed, irrevocable and divisible letter of credit with a Bank in India for the entire value of the equipment. The respondent supplied all the machinery and re ceived 25 % of the money payable under the Jetter of credit from the Bank. Thereafter, the
Where later benches applied it
Of those, 1 referred to
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