Can a court order the release to the applicant the proceeds of an irrevocable letter of credit without the consent of the beneficiary?

No, such order violates the irrevocable nature of the letter of credit. The terms of an irrevocable letter of credit cannot be changed without the consent of the parties, particularly the beneficiary thereof. (Phil. Virginia Tobacco Administration v. De Los Angeles, G.R. No. L-­‐27829, Aug. 19, 1988)