National Bank Ltd vs Ghanshyam Das Agarwal & Ors

The Supreme Court upheld the High Court's decree in favor of the Exporter for USD 352,250 against the Appellant Bank, clarifying that the injunctions previously granted would be vacated upon payment of the decreetal amount. The Court noted that the claims were based on a Letter of Credit issued by the Appellant, which was tied to a now non-existent entity, thus rendering the Appellant's challenge largely academic. The Court emphasized that the decreetal amount had been satisfied, and no further recovery could be expected due to the legal dissolution of the Importer, M/s. Sarumeah & Sons.