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The HC dismissed the suit seeking a declaration that the plaintiff bank was discharged from its obligations under unconditional and irrevocable bank guarantees (BGs) issued in favor of the respondent. The court held that the BGs constituted independent contracts guaranteeing due repayment upon mere demand, regardless of disputes between the principal debtor and beneficiary. The plaintiff failed to establish any variation or discharge of the principal debtor's liability, including the unilateral alteration of payment methodology, which was not a contractual term. Consequently, the plaintiff remained liable under the BGs. The court distinguished prior rulings where the principal debtor was discharged, thereby releasing the surety, noting such was not the case here. The plaintiff was granted liberty to pursue its claims against the principal debtor through insolvency proceedings or other legal remedies.
The HC dismissed the suit seeking a declaration that the plaintiff bank was discharged from its obligations under unconditional and irrevocable bank guarantees (BGs) issued in favor of the respondent. The court held that the BGs constituted independent contracts guaranteeing due repayment upon mere demand, regardless of disputes between the principal debtor and beneficiary. The plaintiff failed to establish any variation or discharge of the principal debtor's liability, including the unilateral alteration of payment methodology, which was not a contractual term. Consequently, the plaintiff remained liable under the BGs. The court distinguished prior rulings where the principal debtor was discharged, thereby releasing the surety, noting such was not the case here. The plaintiff was granted liberty to pursue its claims against the principal debtor through insolvency proceedings or other legal remedies.
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TaxTMI 
TaxTMI 
of 4918 
