The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Local Guarantor petitioned for rehearing from the Supreme People’s Court of order for Counter Guarantor to terminate payment to Local Guarantor for having committed guarantee fraud and not acting in “good faith”.
The Windsor Township v. Tompkins Financial Corp. case emphasizes the significance of original letters of credit but questions their necessity in modern electronic transactions.
ARSS – SIPS (JV) v. Union of India involving the seeking of an injunction on payment under a performance guarantee was heard by the Honourable Shri Sanjay K. Agrawal and Shri Arvind Singh Chandel of the High Court of Chhattisgarh at Bilaspur.
