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There Is No a Scintilla of Evidence That the Payment Was Made Under Reserve; Hence Appeal Is Dismissed
Case Law Details
- Case Name
- Bank of Maharashtra Vs Prajakta International Ltd. & Ors. (DRAT Mumbai)
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Bank of Maharashtra Vs Prajakta International Ltd. & Ors. (DRAT Mumbai)
There Is No a Scintilla of Evidence That the Payment Was Made Under Reserve; Hence Appeal Is Dismissed
We share the recent order of the Hon’ble DRAT, Mumbai. The appellant is Bank of Maharashtra (bank). The respondent is a partnership firm. It was exporting goods to Egypt. It sought pre-shipment and post-shipment finance from the Bank. It did not avail of any post shipment finance. A letter of credit was opened. The bank discounted the bill for exchange and retained 25% of the bill value as charges. The LC expire...
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