over
the Trust (hereinafter referred to as "the Commissioner").
2. These presents shall constitute a Trust established in India be irrevocable ... Trust from time to time in order to manage
the Pension Trust Properties.
D.4.2That the NTPC shall formulate Trust Deed and the Rules
Life Insurance Corporation
of India (Employees) Pension Fund under an irrevocable
trust within a period of one hundred and twenty days from
the notified date
Institution which has been established by a trust namely
Shimla Education Society Trust (referred to as `Trust' hereafter) which
was formed and registered ... property measuring 8032 sq. mtrs. was settled with the Trust and
thus stood transferred irrevocably on settlement of the Trust. The Trust
applicant in the form of Registered Sale Deed/Irrevocable Gift
Deed (Registered)/Irrevocable Registered Government Lease
(for a period of minimum of 30 years with ... restricts the acquisition of such lands by
the Trust/Society only by a sale deed/irrevocable gift
deed/irrevocable government lease for a minimum period
Default the respondent
company did not make any payment under the Trust Deed and Bonds.
9. As per the Annual Report for the financial year ... failed/neglected to discharge its unconditional,
absolute or irrevocable obligation to make the payment under the Trust
Deeds and the Conditions. Hence, Demand Notice dated
trust with full faith to facilitate
free flow of trade and commerce in internal or international trade or
business. It creates an irrevocable obligation
nationally and internationally, cannot
be understated. An unconditional bank guarantee creates an
irrevocable obligation on the bank to honour the bank
guarantee irrespective ... beneficiary thereof.
This obligation of the bank manifests an act of trust and
faith in order to mobilize practices pertaining to trade and
commerce
trust with full faith to facilitate free flow of trade and commerce
in internal or international trade or business. It creates an
irrevocable obligation
prima facie case. In order to restrain the operation either
of irrevocable letter of credit or of confirmed letter of
credit or of bank guarantee ... banks must be honoured free from
interference by the courts. Otherwise, trust in commerce
internal and international would be irreparably damaged.
It is only
that in order to restrain the
operation either of irrevocable letter of credit or of confirmed
letter of credit or of bank guar- antee, there ... must honour the bank guarantee free from interference by
the Courts. Otherwise, trust in commerce internal and interna-
tional would be irreparably damaged
