Tagged “autonomy-of-guarantee”

U.P. State Sugar Corp v. Sumac International (1996): when a bank guarantee may be injuncted

In December 1996 a two-judge Bench of the Supreme Court set aside a High Court injunction and upheld a public corporation's right to invoke its bank guarantees. A digest of the facts, the autonomy of the unconditional guarantee, the two narrow exceptions of fraud and irretrievable injustice, and the doctrine's later trajectory.