Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Contract Act 1872: s.28 (unamended and as amended w.e.f 08.01.1997) - Applicability of - Applications invited by Textile Commissioner for export of extra-long staple cotton - Contracts executed with exporters by appellant in January 1996 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Contract Act, 1872: c s.28 (unamended and as amended w.e.f 08.01.1997) - Applicability of - Applications invited by Textile Commissioner for export of extra-long staple cotton - Contracts executed with exporters by appellant in January,1996 - The exporters furnished bank guarantee on 31.01.1996 - Exporters failed to furnish certain D docu111ents regarding export within stipulated period~ Consequently, Textile Commissioner invoked the bank guarantees - Respondent- bank refused to pay the guarantees stating that the guarantees could be invoked only within extended period of three months i.e up to 30.04.1997 as per contract and not later - Appellant pleaded that E bank was not absolved of its obligation to make payment under bank guarantee u/s.28 in the light of the Amendment to s.28 w.ej 08.01.1997 - Held: Bank guarantees themselves being dated 31.01.1996 would not be affected by an amendment made one year later i.e. on 08.01.1997 -Subject matter of s.28 being ''agreements'', F the unamended s.28 would be the law applicable as on 31.1.1996, which is the date of the agreement of bank guarantee - Amended s.28 being substantive law, operates prospectively, as retrospectivity is not clearly made out by its language - Being remedial in nature, and not clarificatory or declaratory of the law, the amended s.28 G would not apply. Statutes - Remedial statutes - Prospective application - Discussed. |
Judge | Hon'ble Mr. Justice R.F. Nariman |
Neutral Citation | 2016 INSC 869 |
Petitioner | Union Of India & Anr. |
Respondent | M/s Indusind Bank Ltd. & Anr. |
SCR | [2016] 11 S.C.R. 700 |
Judgement Date | 2016-09-15 |
Case Number | 9087-9089 |
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