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Supreme Court of India

State Bank of India and Anr. v. M/s. Emmsons International Ltd. and Anr.

Neutral citation
Reported as [2011] 10 S.C.R. 436
Bench Aftab Alam and R.M. Lodha JJ.
Decided 18 August 2011

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.

11 Supreme Court benches have cited this judgment.

What the Court ordered

For the above reasons, we accept the appeal, set aside the impugned judgment of the High Court and restore G First Appeal No. 225 of 2002 for re-hearing and fresh decision.

Judgment, page 17

From the headnote

Bank/Banking: Letter of credit - Held:. Where the customer of bank instructs the bank to open a credit, the bank acts at its peril if it departs from the precise terms of the mandate - contract is concluded between the issuing bank and the seller no sooner the bank issues the credit and communicates it to the seller - Under an irrevocable credit, the issuing bank gives an unequivocal and binding undertaking to the seller that it will pay against documents! bills drawn in compliance with the terms of credit - draft with accompanying documents must be in strict accord with the letter of credit

Authorities it was built on

Where later benches applied it

Of those, 3 relied on · 2 referred to · 6 mentioned

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