- (1.) By this petition the plaintiff in a pending suit for damages for an alleged breach of contract of sale of goods, seeks special leave to appeal to this court from the order dated 11/02/1992, 12/02/1992 of the High court of Gujarat dismissing the petitioner's appeal preferred against an interlocutory order dated 31/12/1990 of the Trial Judge - the Civil Judge Senior Division at Bhuj - declining to interdict the operation and incidents of a letter of credit issued at petitioner's instance and on its behalf in favour of the fourth respondent-Bank, a collecting Bank for the foreign seller.
(2.) Both the trial court and the High court in appeal found no justification to grant an interlocutory injunction to freeze the letter of credit pending suit.
(3.) We have heard learned counsel on both sides. The principles guiding the administration of this form of interlocutory remedy in relation to letters of credit or Bank guarantees are well-settled. See United Commercial Bank v. Bank of India and U. P. Cooperative Federation Ltd. v. Singh Consultants and Engineers (P) Ltd- Having regard to these settled principles it is not possible at the interlocutory stage to interdict the course of the rights and obligations flowing from the letter of credit. The refusal of the injunction by the High court does not call for interference. The special leave petition, insofar as it relates to this relief, requires to be dismissed.;