https://www.taxtmi.com/caselaws?id=304287 In enforcement of a foreign arbitral award, a court cannot adjudicate a disputed third-party liability under an independent letter of credit or direct payment by the issuing bank; any such claim must be pursued separately. Order 21 Rule 46 CPC is inapplicable because the bank's liability under the credit is not money belonging to the judgment-debtor and cannot be treated as a garnishee asset. Compliance with interim orders does not itself amount to acquiescence or create estoppel, so the bank may still contest substantive liability. The payment directions against the issuing bank were set aside. en-us Tue, 03 Aug 2004 00:00:00 +0530 Sat, 17 Sep 2022 09:51:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304287 In enforcement of a foreign arbitral award, a court cannot adjudicate a disputed third-party liability under an independent letter of credit or direct payment by the issuing bank; any such claim must be pursued separately. Order 21 Rule 46 CPC is inapplicable because the bank's liability under the credit is not money belonging to the judgment-debtor and cannot be treated as a garnishee asset. Compliance with interim orders does not itself amount to acquiescence or create estoppel, so the bank may still contest substantive liability. The payment directions against the issuing bank were set aside. Case-Laws Indian Laws Tue, 03 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304287