Delhi HC interprets Exception 3 of section 28 of Indian Contract Act, 1872: Bank’s are not authorized to force a mandatory claim period of 1 year for Bank Guarantees: See the full Judgment
The Delhi HC recently interpreted exception 3 of section 28 of the Indian Contract Act, 1872. HC states that exception 3 of section 28 of the Indian Contract Act, 1872, does not deal with the “Claim Period” under the Bank Guarantees. It says that this exception deals with the curtailment of the period to knock…