https://www.taxtmi.com/caselaws?id=296089 The Supreme Court held that the unamended Section 28 of the Indian Contract Act, 1872 applied to bank guarantees issued before the 1997 Amendment. The Court found the clauses in the guarantees valid as they did not restrict the time for enforcing rights through legal proceedings. The amended Section 28 was deemed substantive and not retrospective, thus not applicable to pre-existing agreements. Consequently, the appeals were dismissed without costs. en-us Thu, 15 Sep 2016 00:00:00 +0530 Sat, 29 Apr 2023 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296089 The Supreme Court held that the unamended Section 28 of the Indian Contract Act, 1872 applied to bank guarantees issued before the 1997 Amendment. The Court found the clauses in the guarantees valid as they did not restrict the time for enforcing rights through legal proceedings. The amended Section 28 was deemed substantive and not retrospective, thus not applicable to pre-existing agreements. Consequently, the appeals were dismissed without costs. Case-Laws Indian Laws Thu, 15 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296089