BANK OF BARODA Vs. KOTAK MAHINDRA BANK LTD.
SUPREME COURT OF INDIA
BANK OF BARODA
KOTAK MAHINDRA BANK LTD.
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DEEPAK GUPTA,J. -
(2.)"What is the limitation for filing an application for execution of a foreign decree of a reciprocating country in India?" is the
short but interesting question which arises for decision in this
(3.)Vysya Bank, which is the predecessor of the respondent Kotak Mahindra Bank Ltd., issued a letter of credit for US
$1,794,258 on behalf of its customer M/s. Aditya Steel Industries
Limited in favour of M/s. Granada Worldwide Investment
Company, London. The appellant Bank of Baroda was the
confirming bank to the said letter of credit. The Vysya Bank
issued instructions to the London branch of the appellant on
12.10.1992 to honour the letter of credit. Acting on this instruction the London branch of the appellant discounted the
letter of credit for a sum of US $ 1,742,376.41 and payment of
this amount was made to M/s Granada Worldwide Investment
Company on 13.10.1992.
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