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Head Note

Civil Law  - Letters of Credit

Honouring of - Injunction - Law on injunction against honouring Letter of Credit by a Bank as summed up by the learned Single Judge upheld and restated which is as under: (1) The Court must be slow in granting an order of injunction restraining the realisation of a bank guarantee or Letter of Credit. (2) There are two exceptions to the above rule. The first is that it must be clearly shown that a fraud of a grievous nature has been committed and to the notice of the Bank. The second is that injustice of the kind which would make it impossible for the guarantor to reimburse himself, or would result in irretrievable harm or injustice to one of the parties concerned, should have resulted. (3) It is not enough to allege fraud but there must be clear evidence both as to the fact of fraud as well as to the bank's knowledge of such fraud.

The Code of Civil Procedure, 1908  - Order VII Rule (11)

Cause of Action - Rejection of Plaint - Nothing in the plaint except the two extracts even come close to being an allegation against the Negotiating Banks - Though in the plaint not all the evidence with respect to allegations is to be adduced yet a comprehensive narration of facts that constitute cause of action has to be given - No cause of action against the Negotiating Bank - Order of the rejection of plaint by High Court not interfered with and appeals dismissed.

Topic(s)-Cause of Action  , Rejection of Plaint