4 Sept 2014
ICICI BANK LTD AND ANOTHER v. 4C’S DIAMONDS DISTRIBUTORS (A FIRM) AND ANOTHER
- Citation
- ICICI BANK LTD AND ANOTHER v. 4C’S DIAMONDS DISTRIBUTORS (A FIRM) AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMP1096/2014
The court exercised its discretion under Order 22 to permit the Bank to accept the sanctioned payment of US$2,563,295 and dismissed Diamart's application to withdraw because the third‑party injunction did not produce a material injustice to the Bank; the payment also legitimately settled the Bank's claim and the funder assumed the risk that acceptance might occur; the public policy objectives of Order 22 (encouraging settlement and saving costs) outweighed the asserted prejudice to Diamart and third parties.