Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 1997 (10) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1997 (10) TMI 321 - SC - Companies LawWhether mere presentation of an irrevocable letter of credit covering the value of requirement of raw materials is sufficient for registering the indent? Held that:- Appeal allowed. Mere production of the letter of credit will not be sufficient to determine the price ruling on the date. It must be given by an import licence holder eligible to get the supplies under the scheme. In this case, we have seen that the importer will not fall under the category of 'import licence holder eligible to get supplies under the scheme' as on the date when the letter of credit was presented, the licence/release order was defective. Therefore, we cannot agree with Mr. Parekh that the importer having produced the letter of credit well before 25-8-1983, the price payable for the supplies must be the pre-revised one. The High Court has not decided but has left open the question relating to the right of the appellant to fix the price from time to time even though that was the main issue raised in the writ petition before the High Court. As we are not in agreement with the view expressed by the High Court on other issues, it is now necessary for the High Court to consider the issue relating to the right of the appellant to fix the price from time to time. It is open to the appellant to raise the question of unjust enrichment when the matter is taken up by the High Court pursuant to this remit order. The parties can place before the High Court necessary material in support of their respective contentions on the issue of unjust enrichment.
|