In a significant development for trade finance and legal literature in India, Amit Aggarwal, Managing Partner - Corporate & Non-Contentious Practice, at SNG & Partners, is pleased to announce the release of the Second Edition of the iconic book “Documentary Letters of Credit – A Review of Cases from the Courts of India”, which has been jointly authored by him, alongside international trade finance experts Ashish Madan, Founder of boutique advisory firm Adam Smith Associates, and Vincent O’Brien, Director at the International Chamber of Commerce (ICC) UAE.

Originally conceptualised to fill a critical knowledge gap in how letters of credit (LCs) are interpreted within Indian jurisprudence, the second edition of this book comes at a time when India's participation in global trade is expanding rapidly. The volume serves as both a practical guide and a scholarly reference, offering a curated review of judicial decisions by Indian courts on LCs, one of the most trusted and widely used financial instruments in international and domestic trade. The authors bring valuable global and operational perspectives to this extensive piece of literature, which makes the book both comprehensive and locally grounded.

A key element in this edition is the deep reliance on and systematic analysis of Indian court judgments. As legal disputes involving letters of credit become more complex and frequent, and often involve allegations of fraud, documentary discrepancies, or procedural irregularities, the role of the judiciary in interpreting LC obligations has become important. 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.

Providing extensive case analysis from the Supreme Court of India as well as the High Courts across Delhi, Bombay, Madras, and Karnataka, the book addresses a broad spectrum of issues, including the principle of independence, the fraud exception, and financing under usance DLCs.

The book is a culmination of Amit Aggarwal’s extensive experience in banking law, capital markets, and structured finance, and reflects his deep commitment to strengthening the bridge between commercial practice and legal interpretation. The new edition has been meticulously updated to incorporate emerging trends, evolving compliance standards, and procedural nuances that shape the legal treatment of 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 celebrated author in legal-financial commentary. A regular speaker at international forums on banking and law, Amit continues to advocate for knowledge development that is rooted in industry needs and judicial clarity.

The authors have expressed sincere appreciation for Rajesh Narain Gupta, Founder and Chairman of SNG & Partners, whose continued vision and mentorship enabled the development of this resource.

The editorial research effort for this publication was driven by the corporate and litigation teams at SNG & Partners, playing a key role in analyzing case laws, distilling legal insights, and shaping content, to transform complex judgments into practical guidance. The book acknowledges the contributions of Devyani Dhawan and Nishtha Arora from the corporate team, along with Sanjay Gupta, Ajay Monga, and Rajnish Gaur from the litigation team.

Additional acknowledgements go to the Adam Smith Associates team and the IIBLP Publishing Team, including Beatrice O’Brien, for their editorial coordination and publication support.