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10. The appellant and the respondent had a virtual meeting on 6.6.2022 to discuss the draft SBLC circulated by the appellant in furtherance to closing the issue pertaining to mobilization fee. The respondent by e-mail on 6.6.2022 sent the draft SBLC with its comment on the basis of the discussion held at the virtual meeting. By e-mail dated 7.6.2022, the respondent also sought details of the swift code of the bank concerned, details of beneficiaries etc. It is stated that detailed meetings were held on 8.6.2022 and 9.6.2022 between the representatives of the appellant and the respondent at Noida office of the respondent. The appellant sent e-mails to the respondents on 12.6.2022 and 14.6.2022 and since no response was forthcoming from the respondents a reminder e-mail was sent on 16.6.2022.

"(a) Increase in the mobilization fee by USD $ 1,000,000 beyond the agreed mobilization fee in LOI.
(b) Payment in foreign currency at Singapore account, which the respondent could not have made in view of Reserve Bank of India guidelines.
(c) Issue of SBLC (Stand by letter of credit) in favour of appellant's bank instead of the appellant itself so that appellant can secure loan from his banker and in case of non-payment by the appellant of the loan amount, respondent's SBLC shall be invoked.
1. Swift Code of Oversea-Chinese Banking Corporation limited.
2. Please let us know SBLC from surety Company from our side is OK to your side.
Best regards Yong Seob, Kim Reliance PM(IC)_Deputy IC Project Manager Mob: 01033992096 E-Mail: [email protected]"

44. An email dated 08.06.2022 (page 133 of the paper-book) has been sent on behalf of the respondent to the appellant regarding issuance of SBLC which reads as follows:-

"Mr. Sudha, As discussed, please note that we are considering issuance of SBLC from the following bank:
SBLC Issuance bank: Credit Agricole Corporate & Investment Bank Bank Branch: Credit Agricole CIB, Seoul Branch Swift Code: CRLYKRSE Issuance of SBLC from Bank to Bank is not physically possible as per the issuing bank and SBLC can be issued only to HBA as per the commented format.
Hope you can manage your fund requirement using such SBLC from us.
Please review and provide your acceptance urgently to proceed.
Regards, Palas Majumder Jt. General Manager/Project Control Manager (IC) Samsung Heavy Industries India Pvt. Ltd."