Abl International Ltd. & Anr vs Export Credit Guarantee Corportion Of ...

The Supreme Court addressed the contractual obligations under the agreement between Rassik Woodworth Limited and the Kazak Corporation, emphasizing the enforceability of guarantees provided by the Government of Kazakhstan under the amended agreement. The Court held that the failure of the Kazak Corporation to fulfill its payment obligations, despite part payments, constituted a breach of contract, and the appellants were entitled to claim under the insurance policy issued by the Export Credit Guarantee Corporation of India Ltd. The Court ruled in favor of the appellants, affirming their right to compensation for the unpaid balance.