Supreme Court of India
Citibank N.A. v. Standard Chartered Bank
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.
What the Court ordered
We hold that production of two BRs by the Citi Bank raised a rebuttable presumption that Citi E 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 21
From the headnote
Economic offences : Special Court (Trial of offences Relating to Transaction in Securities) Act. 1992 : Purchase of !RFC bonds by Citybank from CANFINA-Delivery of two Banker Receipt by CANFINA against full payment-Citibank selling !RFC Bonds of certain value to CANFJNA-Jn consideration of payment, CANFINA issued fresh BR and one of the Banker Receipts issued earlier by CANFINA-Acceptance of BR~ by CANFINA-Citibank sells !RFC Bonds of certain value to Standard Chartered Bank and issued BRs-BRs discharged and returned to Citibank-Suit for recovery qf bonds from Citibank filed by SCB and third
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