I am a exporter , we had exported goods to south africa on basis of gurantee recieved from ECGC for Open delivery . We exporterd goods worth 35 Lac, however the party did not even take delivery of goods, and goods will sold out in auction by the customs in south africa.
We had kept updated to ECGC about each and every position in between, however when we filed claim ,ECGC, provided us only 50% claim of 85% invoice value stating reason
1) We had not taken approval from RBI for open delivery (HOWEVER THIS WAS NOT ASKED WHEN WE HAD APPLIED FOR CERDIT LIMIT OF BUYER ON OPEN DELIVERY TERMS)
2) In the letter provided by ECGC when 50% claim was approved, they mentioned as such we are not liable for even 50% claim, but as symapthy they gave us 50% claim, because we are a small exporter.
I need advice, if i can get case references and also valuable suggestions of what should be done further
