https://www.taxtmi.com/caselaws?id=168286 A preliminary injunction was considered appropriate to restrain payment under standby letters of credit where the plaintiff showed irreparable harm, because any recovery after wrongful payment would depend on litigation and might be uncollectable. The balance of hardship favoured relief, as the plaintiff's loss from payment outweighed any harm to the issuing bank or to the commercial utility of letters of credit. The record also supported a prima facie case of fraud in the transaction under the governing commercial law, and the surrounding export-license suspension was treated as equivalent to constructive cancellation for force majeure purposes. Public interest favoured interim relief because it discouraged fraud and aligned with the Executive branch position reflected in the relevant Treasury regulations. en-us Tue, 28 Jun 1983 00:00:00 +0530 Fri, 13 Feb 2015 18:15:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168286 A preliminary injunction was considered appropriate to restrain payment under standby letters of credit where the plaintiff showed irreparable harm, because any recovery after wrongful payment would depend on litigation and might be uncollectable. The balance of hardship favoured relief, as the plaintiff's loss from payment outweighed any harm to the issuing bank or to the commercial utility of letters of credit. The record also supported a prima facie case of fraud in the transaction under the governing commercial law, and the surrounding export-license suspension was treated as equivalent to constructive cancellation for force majeure purposes. Public interest favoured interim relief because it discouraged fraud and aligned with the Executive branch position reflected in the relevant Treasury regulations. Case-Laws Indian Laws Tue, 28 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168286