https://www.taxtmi.com/caselaws?id=257922 The Supreme Court upheld the High Court's decree, affirming the Appellant Bank's liability for breaching fiduciary duties under the Letter of Credit (LC). The Court found the Appellant's actions evasive and in violation of international banking norms, leading to dismissal of the Appeal with costs. The Appellant's admission of liability in the Dhaka Suit was deemed significant and consistent with legal obligations regarding LCs. The impugned Judgment passed a money decree for the LC amount (USD 352,250), which had already been paid, rendering the Appeal infructuous. en-us Wed, 14 Jan 2015 00:00:00 +0530 Tue, 25 Aug 2015 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257922 The Supreme Court upheld the High Court's decree, affirming the Appellant Bank's liability for breaching fiduciary duties under the Letter of Credit (LC). The Court found the Appellant's actions evasive and in violation of international banking norms, leading to dismissal of the Appeal with costs. The Appellant's admission of liability in the Dhaka Suit was deemed significant and consistent with legal obligations regarding LCs. The impugned Judgment passed a money decree for the LC amount (USD 352,250), which had already been paid, rendering the Appeal infructuous. Case-Laws Indian Laws Wed, 14 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257922