Bombay High Court refuses ‘Force Majeure’ Exemption to Steel Importers; says Steel declared as ‘Essential Service’ during Lockdown
The Bombay High Court refused to grant ‘Force Majeure’ exemption to a set of steel importers, who had sought to restrain the encashment of their Letter of Credits by Korea-based exporters. The companies had approached the High Court under Section 9 of the Arbitration and Conciliation Act, stating that the