My dear Friends!
Please advise me on the following matter: A domestic LC was discounted and credit was given to the beneficiary.
Due to absent of custodian of the LC, it couldn't be able be presented to the issuing bank for realisation of payment. LC expired. When it was presented(after expiry) the issuing bank returned with reason"LC expired'. Now the applicant company is sick and it's a/c with the issuing bank is also NPA. When ask the beneficiary to repay the credit availed by him by discounting the LC, he denies and says it is Bank's(our) negligency in not presenting the LC to the issuing bank for realisation of payment in time and gone to consumer court against us.Thanks