Documentry credit issuing bank , created lot of problem when making payment
after two and half months we found out that they have not followed UCP 600 and ISPB rules to check the documents.
When we highlighted the same in our Swift message . The issuing Bank honored the payment in 3 days.
From this we can clearly understand that the issuing Bank has defaulted the rules while making payment.
Now we want to file a complaint / suite and claim compensation from Issuing Bank.
1. Where should we file a Case ?
We are in India , Issuing bank is Germany.
2. What kind of compensation we can claim ?
3. We have undergone lot of tenssion , pressure, mental turoma , Mental agony, and huge Business loss.
Kindly advise
Issuing Bank Failed To Follow ISBP Rules
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samrat
- Posts: 7
- Joined: Mon Sep 07, 2015 1:15 pm
- First Name: Santhosh
- Last Name: Bangalore
- Organization: Kunstwerk Machinery
- Filter: Two Plus Two =: 4
- Location: India
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
ISBP 745
Hi Pal,
If you received a refusal from issuing bank, you have to check if the refusal is ok or not.
If you dont act, may means that the refusal is ok.
I think it is your fault if you were not able to contrast the discrepancy lifted by the german bank.
Probably if you start a legal action it will cost more than the refund you may obtain.
However please insert details of this issue for examination or contact me.
Other comments appreciated
Ciao
If you received a refusal from issuing bank, you have to check if the refusal is ok or not.
If you dont act, may means that the refusal is ok.
I think it is your fault if you were not able to contrast the discrepancy lifted by the german bank.
Probably if you start a legal action it will cost more than the refund you may obtain.
However please insert details of this issue for examination or contact me.
Other comments appreciated
Ciao
-
samrat
- Posts: 7
- Joined: Mon Sep 07, 2015 1:15 pm
- First Name: Santhosh
- Last Name: Bangalore
- Organization: Kunstwerk Machinery
- Filter: Two Plus Two =: 4
- Location: India
Issuing bank sent refusal notice highlighting Discrepancies, which was corrected and documents were represented
and again issuing Bank sent Refusal notice highlighting discrepancy as Late presentation ( as period of presentation was 15 Days as per LC ). This reply we received on the 8th Banking followed by presentation. We again sent swift as per UCP 600 they have not given reply in Time. For this issuing bank claimed they have received Documents were not received as per Courier company claim and they have relied in time , We have couriered company POD with bank seal and signature with signature of the receiver.
Now after all this I had to stud ISBP rules. I found that in ISPB A18 a , A18 b (i) , A18 b ( ii ) and A18 c, they were wrong and they have claimed false Discrepancy as late presentation ( as per this rule period of presentation was till the date of credit expiry ) Since the documents called under the credit was as per this rules. So we sent the message to issuing Bank highlighting this rule they Paid us in 3 days.
Now , since the issuing Bank did not follows this rule while examining this rule and have claimed false discrepancy we want to initiate action and claim compensation . Now I request you to kindly advice whom should I approach to initiate this process.
and again issuing Bank sent Refusal notice highlighting discrepancy as Late presentation ( as period of presentation was 15 Days as per LC ). This reply we received on the 8th Banking followed by presentation. We again sent swift as per UCP 600 they have not given reply in Time. For this issuing bank claimed they have received Documents were not received as per Courier company claim and they have relied in time , We have couriered company POD with bank seal and signature with signature of the receiver.
Now after all this I had to stud ISBP rules. I found that in ISPB A18 a , A18 b (i) , A18 b ( ii ) and A18 c, they were wrong and they have claimed false Discrepancy as late presentation ( as per this rule period of presentation was till the date of credit expiry ) Since the documents called under the credit was as per this rules. So we sent the message to issuing Bank highlighting this rule they Paid us in 3 days.
Now , since the issuing Bank did not follows this rule while examining this rule and have claimed false discrepancy we want to initiate action and claim compensation . Now I request you to kindly advice whom should I approach to initiate this process.