Dabhol: SC stays LC encashment
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21/12/2000
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Business Line (New Delhi)
The Supreme Court on Friday stayed the encashment of the Rs 136 crore letter of credit given by the Maharashtra State Electricity Board (MSEB) to Dabhol Power Company (DPC).On September 11, DPC had invoked the letter of credit from Canara Bank accusing the MSEB for non-payment of April dues. But it was restrained from enchasing the same as partner MSEB stopped the payment by obtaining an injunction from the Mumbai Hight Court.