FORTIS BANK SA/NV AND ANOTHER v INDIAN OVERSEAS BANK

[2011] Lloyd's Rep Plus 56

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Jonathan Hirst QC, sitting as a Deputy Judge of the High Court

Banking - Letters of credit - Issuing bank refusing to pay on basis of alleged discrepancies - Issuing bank precluded from relying on discrepancies because of failure to return documents with reasonable promptness - Beneficiary claiming damages against issuing bank for wrongful failure to honour letters of credit - Whether issuing bank in breach of contractual duty owed to beneficiary - Date by which documents ought to have been returned - Whether breach caused loss complained of - Whether beneficiary entitled to restitutionary remedy - UCP 600, articles 7 and 16.