Indian court denies steel importers Covid-19 relief
Argusmedia - Indian steel importers cannot use force majeure declarations stemming from the Covid-19 outbreak to block letters of credit with South Korean suppliers, the Mumbai High Court said.
Contracts with South Korean steelmaker Hyundai Steel and trading firm GS Global for steel products shipped from South Korea are unenforceable "on account of frustration, impossibility and impracticability" during the pandemic and lockdowns in India, a group of importers said.
The importers asked the court to block US bank Wells Fargo from encashing letters of credit in a commercial arbitration petition. The court denied the request for immediate relief in an 11 April ruling, allowing it to proceed to an arbitration hearing.