SNG & Partners Releases Second Edition Of Landmark Book On Documentary Letters Of Credit
SNG & Partners has announced the release of the Second Edition of the book titled “Documentary Letters of Credit – A Review of Cases from the Courts of India,” marking a notable contribution to India’s legal and trade finance landscape. This significant publication is jointly authored by Amit Aggarwal (Managing Partner – Corporate & Non-Contentious Practice, SNG & Partners), Ashish Madan (Founder, Adam Smith Associates), and Vincent O’Brien (Director, ICC UAE).
The latest edition builds on the foundation of the original work, which was conceptualised to address the knowledge gap in understanding how Letters of Credit (LCs) are interpreted by Indian courts. At a time when India’s footprint in global trade is expanding significantly, this book serves as both a practical guide and a scholarly reference, offering a carefully curated analysis of judicial decisions on LCs—a widely used financial instrument in both domestic and cross-border trade.
What sets this edition apart is its extensive review of Indian court judgments on matters involving LCs. As trade-related disputes become more complex—frequently touching on fraud, procedural lapses, and documentary discrepancies—the book provides timely and in-depth insight into how Indian courts, including the Supreme Court and the High Courts of Delhi, Bombay, Madras, and Karnataka, have shaped legal interpretations of LC obligations. Key legal concepts such as the principle of independence, the fraud exception, and financing under usance documentary credits are thoroughly examined.
“This edition draws directly from a wide array of rulings across the Indian judicial system, offering readers a detailed understanding of how legal interpretations have evolved and what they mean for parties involved in trade finance,” the authors note.
The book reflects Amit Aggarwal’s deep-rooted expertise in banking law, capital markets, and structured finance, and is a continuation of his commitment to bridging the gap between commercial realities and legal clarity. It has been updated to capture emerging trends, evolving compliance norms, and procedural developments influencing the legal framework surrounding LCs in India.
“We were tasked to make legal understanding of trade finance more practical, actionable, and accessible to professionals who find themselves at the helm of today’s nuanced business environment. This book is our attempt to offer critical commentary on procedural gaps, dispute triggers, and regulatory implications. Both Ashish and Vincent were aligned with me to design this book with usability in mind, and to present each case with a structured summary of facts, legal issues, court findings, and insightful commentary,”
said Amit Aggarwal, whose previous works—Dishonour of Cheques and Innovative Digital Frauds and Law Relating to Guarantees—have already established him as a respected voice in legal and financial publishing.
The authors also extended special appreciation to Rajesh Narain Gupta, Founder and Chairman of SNG & Partners, for his continued vision and mentorship, which played a pivotal role in the development of this resource.
The editorial research for the second edition was spearheaded by the corporate and litigation teams at SNG & Partners. Notable contributions were made by Devyani Dhawan and Nishtha Arora from the corporate team, along with Sanjay Gupta, Ajay Monga, and Rajnish Gaur from the litigation practice. Their work was instrumental in translating complex judgments into actionable legal guidance.
Further acknowledgements go to the Adam Smith Associates team and the IIBLP Publishing Team, including Beatrice O’Brien, for their editorial and publication support.
This second edition of Documentary Letters of Credit – A Review of Cases from the Courts of India is poised to serve as an indispensable legal reference for lawyers, bankers, trade professionals, and regulators, and further reinforces the importance of well-documented jurisprudence in shaping India’s trade finance ecosystem.
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