LEE KUN HEE vs STATE OF U.P..

The Supreme Court addressed the contractual obligations under the agreement dated 1.12.2001 between Sky Impex Limited and JCE Consultancy, emphasizing that the agreement was governed by Indian law. The Court held that the endorsement of the bill of exchange by Sky Impex Limited to JCE Consultancy extinguished the buyer's liability towards the seller, thereby affirming the seller's right to claim directly from Samsung Gulf Electronics under the Negotiable Instruments Act. The judgment clarified the implications of contractual terms and the transfer of liabilities in commercial transactions.