Period of limitation for execution of foreign decrees shall be governed by law of reciprocating territory: SC

Bank of Baroda Vs Kotak Mahindra Bank Ltd. (Supreme Court)

SC held that The period of limitation shall be governed by the Act and not by Section 44A of the CPC,  since the latter provides only for the procedure to be followed for executing a foreign  decree

BRIEF FACTS.

1. Kotak Mahindra Bank Ltd. issued a Letter of Credit for US $1,794,258 on behalf of its customer M/s. Aditya Steel Industries Limited in favour of M/s. Granada Worldwide Investment  Company, London.

2. The appellant Bank of Baroda was the confirming bank to the said letter of credit.

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