Supreme Court of India
Union of India & Anr. v. M/s Indusind Bank Ltd. & 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.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the view that both the Single Judge and Division Bench were in error in holding that the amended Section 28 would apply.
Judgment, page 18
From the headnote
Contract Act, 1872: c s.28 (unamended and as amended w.e.f 08.01.1997) - Applicability of - Applications invited by Textile Commissioner for export of extra-long staple cotton - Contracts executed with exporters by appellant in January,1996 - The exporters furnished bank guarantee on 31.01.1996 - Exporters failed to furnish certain docu111ents regarding export within stipulated period~ Consequently, Textile Commissioner invoked the bank guarantees - Respondent bank refused to pay the guarantees stating that the guarantees could be invoked only within extended period of three months i.e up to
Authorities it was built on
Where later benches applied it
- 2020 M/s. L. R. Brothers Indo Flora Ltd. v. Commissioner of Central Excise
- 2023 Gujarat Urja Vikas Nigam Limited & Ors. v. Renew Wind Energy (rajkot) Private Limited & Ors
Of those, 1 relied on · 1 referred to
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