Shaw Wallace & Co. Ltd vs Nepal Food Corpn. & Ors

The Supreme Court addressed the contractual obligations under the letter of credit issued for the sale of rice, emphasizing that the buyer's obligation to pay is contingent upon the presentation of the required shipping documents as per the contract terms. The Court held that the appellant, Shaw Wallace & Co. Ltd., as the agent, was liable for the delay in shipment and the consequent financial implications, affirming the lower court's decree for recovery of the amount due. The judgment reinforced the principle that agents must act in accordance with the contractual terms and are accountable for any breaches resulting from their actions.