Yes we can all breathe a sigh of relief that we have received the payments from both ICICI and SBI on their Counter Gtee.
However I would like to advise that we do not celebrate and close the case yet. I assume that this case will go to Court and we may be dragged into
the dispute.
Some comments from myself on this matter.
1) While payments have been received and we have paid PTT - we need a full discharge from our obligations with PTT - so Legal needs to advise how we
get fully discharged. As the case will go to Court - are we able to be discharged fully ?
2) We have to be careful in all communications with PTT - Punj Lloud - SBI and ICICI - as we do not want to have anything we do or say be used against
anyone later in Court
3) As I understand it - out BG to PTT is open ended and the SBLC from the Banks renew annually - we need to do a Review on this - as this case could
have put us in trouble if at a critical moment - especially around the maturity date - the Banks do not renew - what was our way out with PTT ? I was
concerned about this when I was informed and now I think we need to Review this matter and how we manage the risks going forward for such
transactions.
4) I am not sure if I have covered all the points etc - suggest that we continue to be vigilant on this matter until there is clear resolution from
the Court process.
Meanwhile I know everybody has played their parts to ensure we received the payments and deserves a "Thank You"