https://www.taxtmi.com/caselaws?id=291243 The court held that the intermediary bank, acting as an agent for collection, is entitled to a refund of the amount paid on a dishonored bill due to the non-existence of the foreign bank. The bank's role was limited to notifying the beneficiary about the letter of credit without providing any assurance or confirmation. The court affirmed the liability of the drawer and indorser under the Negotiable Instruments Act. The trial court's judgment was upheld, dismissing the appeal and awarding costs to the plaintiff bank. en-us Fri, 30 Sep 1988 00:00:00 +0530 Tue, 03 Nov 2020 09:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291243 The court held that the intermediary bank, acting as an agent for collection, is entitled to a refund of the amount paid on a dishonored bill due to the non-existence of the foreign bank. The bank's role was limited to notifying the beneficiary about the letter of credit without providing any assurance or confirmation. The court affirmed the liability of the drawer and indorser under the Negotiable Instruments Act. The trial court's judgment was upheld, dismissing the appeal and awarding costs to the plaintiff bank. Case-Laws Indian Laws Fri, 30 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291243