‘LOCs can’t be treated as guarantee under S. 126 of Contract Act’; Arbitral Tribunal refuses liability of Zee & Essel in repaying loan given to SNL by Aditya Birla Finance
“Zee and Essel undertook to ensure that SNL would fulfil its obligations and assured that the outstanding amount would be paid. To treat the said LOCs as guarantees would amount to adding words which were not written.”