Supreme Court of India
Citi Bank N.A. v. Standard Chartered Bank and Ors.
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
We hold that production of two BRs by the F Citi Bank raised a rebuttable presumption that Citi Bank had discharged its obligation under the two BRs which the SCB failed to dislodge by pleading/leading any evidence to show the circumstances under which the two BRs were returned.
Judgment, page 26
From the headnote
Contract Act, 1872-Section 63-Performance of Contract-Transfer of Bonds-By one Bank to another Bank-Subsidiary General Transfer Form given by first bank in favour of second bank-Dishonoured-Further transfer of the Bonds in favour of third Bank-Bankers Receipt given in lieu of the Bonds-Bankers Receipts duly discharged returned by third Bank asking for Subsidiary General Ledger transfer in favour of second Bank from the first Bank-Demand was voluntary with knowledge about the dishonour-Ledger given-Interest on the Bonds received by third Bank from a third party-After 9 months of transaction,
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Where later benches applied it
Of those, 1 relied on
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