HC on Entitlement to extension of usance period of Letter of Credit Facility from 180 to 270 days

Rajgaria Timber Private Limited And Others Vs State Bank Of India And Others (Calcutta High Court) BRIEF: The Hon,ble Calcutta High Court, throws light on the matter of  extension of the usance period of the Letter of Credit Facility sanctioned to the writ petitioners from 180 days to 270 days. OUR COMMENTS: The argument that the 2018 Regulations brought about a change in policy regarding the usance period for credit does not hold water, since the said Regulations and the Master Direction on External Commercial Borrowings and Trade Credits dated July 1, 2015, updated up to October 6, 2015, re...