FORTIS BANK SA/NV AND ANOTHER v INDIAN OVERSEAS BANK

[2011] 2 Lloyd's Rep. 190

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.