US EditionAn exporter’s 25-year wait for a letter of credit ruling
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An exporter’s 25-year wait for a letter of credit ruling
The judgment handed down by Delhi’s High Court in February concerned a fairly straightforward trade finance dispute. On one side, an exporter claimed it was owed money as the beneficiary of a letter of credit (LC); on the other, a bank argued it wasn’t obliged to pay. The twist? The LC had been issued more than a quarter of a century earlier, in 1998, and the claim was first filed in court back in 2000. The length of time the dispute has ta…
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