Griffin Energy Group Pty Ltd v ICICI Bank Ltd

Griffin Energy Group Pty Ltd (the appellant) appealed to the Court of Appeal of New South Wales against a decision concerning standby letters of credit issued by ICICI Bank Ltd (the respondent). The dispute centred on whether amounts claimed by the respondent under these letters of credit were "due and payable" and whether the letters of credit had expired before the respondent was entitled to present a draft. A further issue concerned whether the definition of "Business Day" as stipulated in the letters of credit had been satisfied.

The primary legal issues before the Court of Appeal were: (1) whether the respondent had validly presented a draft under the standby letters of credit; (2) whether the amounts claimed were "due and payable" in accordance with the terms of the letters of credit; and (3) whether the expiry date of the letters of credit had passed before the respondent was entitled to present its draft. The Court also considered whether the definition of "Business Day" was met for the purposes of presentation.

The Court of Appeal dismissed the appeal, finding that the respondent had acted in accordance with the terms of the standby letters of credit. The Court reasoned that the conditions for the amounts being "due and payable" had been met and that the presentation of the draft was validly made before the expiry of the letters of credit. The interpretation of "Business Day" was also resolved in favour of the respondent. Consequently, the appeal was dismissed, and the appellant was ordered to pay the respondent's costs. A cross-appeal by the respondent was also dismissed, with the cross-appellant ordered to pay the cross-respondents' costs.