Once a DC has been issued, the Applicant can initiate a DC cancel request. This is done using a P2P message. The DC cancel request from the applicant is sent to all parties involved in the DC (corporates and banks).
- Each party can either accept or reject the cancellation request.
- The DC can be canceled by the issuing bank, once all parties have accepted the request. The status of the DC is updated to `Canceled`. (If any party rejects the cancel request, the issuing bank cannot cancel the DC)
- All amendments (accepted or in progress) are also auto canceled with this action.
- No further action is possible on any Presentation that has been previously done on the DC.