also provided for constituting a Pension Fund
under an irrevocable trust for the purpose of payment of pensions
and accordingly Respondent No. 3 was constituted
Piramal Enterprises Executives
Trust on 03.08.05. The Assessing Officer has noted that The
Piramal Enterprises Executive Trust had passed the following
resolution in their meeting ... Trustees of the Piramal Enterprises Executives
Trust have decided in its meeting held on August
3,2005 to irrevocably gift 1,650,000 shares
Facility Agreement, the
credit facilities were guaranteed by an irrevocable and
unconditional personal guarantee entered by way of a Deed of
Personal Guarantee dated September ... 2019 Page 5/62
loses and claims etc.
8. A Security Trust Facility Agreement was also executed
between the petitioners and respondent
guaranteeing the payment
obligations in relation to the said debentures on an irrevocable
and unconditional basis. The understandings arrived at in the
said meeting ... time the DTD was amended by virtue of
Supplemental and Amended Debenture Trust Deed executed on
February 1, 2019. Under the terms of the Supplemental
courts will not interfere directly or
indirectly to withhold payment, otherwise trust in
commerce internal and international would be
irreparably damaged. But that does ... guarantees in the present case reveal that the
same are unconditional and irrevocable and the respective banks have
undertaken to pay the respondents without
England Reporter 862 to state
that irrevocable Letters of Credit are "lifeblood of international
commerce" and also observed as under:
"Except possibly ... 1234/2012 Page 23 of 34
arbitration........Otherwise, trust in international commerce
could be irreparably damaged."
Denning M.R, stated In Edward and Owen
banks must be honoured free from
interference by the courts. Otherwise, trust in
commerce internal and international would be
irreparably damaged. It is only ... Supreme Court held as under:-
"If the documentary credits are irrevocable and
independent, the Bank must pay when demands it
made. Since the bank
England Reporter 862 to state
that irrevocable Letters of Credit are "lifeblood of international
commerce" and also observed as under:
OMP(I) 85/2015 ... settle
their disputes under the contracts by litigation or
arbitration........Otherwise, trust in international commerce
could be irreparably damaged."
Denning M,R, .stated
England Reporter 862 to state that irrevocable Letters of Credit are
"lifeblood of international commerce" and also observed as under:
"Except possibly ... settle their disputes under the
contracts by litigation or
arbitration........Otherwise, trust in international
commerce could be irreparably damaged."
OMP (I) No.267/2015
The Commissioner Of Income Tax, Delhi ... vs Shiv Raj Gupta on 22 December, 2014
Author
