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Judgment Search Results Home > Cases Phrase: contract of indemnity contract Court: delhi Page 1 of about 5,122 results (0.057 seconds)

Aug 18 1981 (HC)

Premier Tyre Ltd. Vs. State Trading Corporation

Court : Delhi

Reported in : 1981RLR138

..... principal debitor. the obligation of the surety depends substantially on the principal debtors's default ; under a contract of indemnity liability arises from loss caused to the promiseby the conduct of the promise himself or the conduct of another person : 'vide punjab national bank ltd. v. sri bikram cotton ..... wrong to treat such a bank guarantee, as a guarantee under section 126 of the contract act. which speaks of three persons with reference to the contract, it is rather in the nature of contract of indemnity, under section 124 of the contract act which requires two person, in a contract of guarantee the surety undertakes an obligation at the request express or implied of the ..... with the observation, 'that these bank guarantees create positive obligations and are irrevocable and that the obligation arising under the bank guarantees are independent of the obligations arising out of contract between the parties'. these observations have our full agreement. (14) mr. ray even made a half hearted attempt to distinguish the cases noted above by saying that in the ..... mills a.i.r. 1979 s. c. 1973 here the the bank guarantee is a contract between the bank and respondent. the reason why the bank guarantee may have been given no .....

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May 09 1972 (HC)

insurance Company Limited Vs. Vimal Rai and ors.

Court : Delhi

Reported in : AIR1973Delhi115; [1974]44CompCas316(Delhi); 1972RLR91

..... transfer of the motor vehicle. we are, thereforee, clearly of the view that in the absence of a stipulation to the contrary, an insurance policy which is a personal contract for indemnity, lapses upon the transfer of the motor vehicle and the benefit of the policy is not available to the transferee without an express agreement with the insurance company. (16) the ..... seller is liable, the insurance company is certainly liable, but if the motor cycle had been sold to the purchaser, the insurance company claims exoneration from liability, as the contract of indemnity contained in the insurance policy had lapsed. it is not denied that the purchaser did not give any information about the purchase of the vehicle to the motor registering authorities ..... vehicle, the liability of the seller arises and consequently liability of the insurance company to indemnify the seller against third party risk remains intact and subsisting in terms of the contract of insurance. (19) on the question of liability for the accident, there is not much dispute between the parties. it appears to us that the seller permitted the purchaser to ..... 96 presupposes the existence of a valid insurance policy. should such a policy be subsisting, the insurer cannot raise any other defense, but where the existence or subsistence of a contract of insurance is challenged or the insurer contends that the policy has lapsed or is not available to cover the liability of the purchaser of the vehicle, the restrictions contained .....

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Aug 18 1980 (HC)

Premier Tyres Ltd. Vs. the State Trading Corporation of India Ltd.

Court : Delhi

Reported in : [1981]51CompCas316(Delhi); ILR1986Delhi317

..... treat such a bank guarantee, as a guarantee under section 126 of the contract act, which speaks of three persons with reference to the contract, it is rather in the nature of contract of indemnity, under section 124 of the contract act ; which requires two persons. , a contract of guarantee the surety undertakes an obligation at the request express or implied ..... 'that these bank guarantees create positive obligations.. ......... ..................and are irrevocable.. . ..... .and that the obligation arising under the bank guarantees are independent of the obligations arising out of contract between the parties........ ... '. these observations have our full agreement.(14) mr. ray even made a half hearted attempt to distinguish the cases noted above by saying that in the ..... guarantee has nothing to do with the alleged disputes between the appellant and the respondent which must be decided independently on the basis of the terms of that contract, without involving the contract of bank guarantee.(11) in the present case the guarantee given by the bank of india is in the following terms :- thestate trdg. corpn. of ..... of the principal debtor. the obligation of the surety depends substantially on the principal debtor's default ; under a contract of indemenity .....

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Jan 20 2015 (HC)

Iffco-Tokio General Insurance Co Ltd Vs. Indo-Rama Synthetics Ltd

Court : Delhi

..... consequential loss and/or in the alternative the said reasons are not in consonance with the fundamental policy of law of insurance which is that the insurance contract is always a contract of indemnity and the insured cannot benefit out of the payments made towards the indemnification. i find that merely because the value of sum to be recompensed to the ..... relies on the tariff advisory committee s (tac) general regulation 1 on consequential loss (fire) insurance section 1 which reads as under: policy to constitute contract of indemnity: every policy shall constitute a contract of indemnity only. the tariff advisory committee was formed under section 64u of the insurance act, 1938 to prescribe the terms/conditions/premium rates and wordings of insurance ..... 22 & 23. c) mr. kaul argued that the impugned award passed by the arbitral tribunal is also against the fundamental policy of law which is that the contract of insurance is contract of indemnity. the impugned award though states that the intent of the policy is to indemnify the respondent for the losses suffered it but proceeds to adopt an approach which ..... basis. further, the learned arbitral tribunal also rejects the submissions of the petitioner herein/ respondent therein in paragraph 69.5 that the business interruption insurance/ flop policy is a contract of indemnity by observing that it is not acceptable in law . likewise on the facts of the case, the claimant s surveyor/ mr. r. srivatsan/cw3 during his cross examination .....

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Apr 23 1990 (HC)

Nangia Construction India (P) Ltd. Vs. National Buildings Construction ...

Court : Delhi

Reported in : II(1990)BC51; [1992]73CompCas701(Delhi); 41(1990)DLT359; 1990RLR252

..... given is called the 'creditor'. a guarantee may be either oral or written. a promise to be primarily and independently liable for another persons conduct may amount to a contract of indemnity. a contract of guarantee requires concurrence of three persons-the principal debtor, the surety and the creditor-the surety undertaking an obligation at the request express or implied of the principal ..... debtor. the obligation of the surety depends substantially on the principal debtor's default; under a contract of indemnity liability arises from loss caused to the promiseby conduct of the promisor himself or by the conduct of another person'. (55) in view of the aforesaid law declared by ..... the conduct of any other person, is called a 'contract of indemnity', section 126 defines a contract of guarantee. it states : 'a contract of guarantee is a contract to perform the promise, or discharge the liability, of a third person in case of his default. the person who gives the ..... sri bikram cotton mill ltd. and another). justice shah and justice cover considered the provisions of sections 124 and 126 of the contract act, and observed as under :- 'section 124 of the indian contract act defines a 'contract of indemnity'. a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by .....

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Aug 22 1994 (HC)

National Insurance Co. Ltd. Vs. Kumud Khosia and ors.

Court : Delhi

Reported in : I(1995)ACC463; 1995ACJ107; 1994IIIAD(Delhi)1312; 1994(31)DRJ45

..... grounds set out in clauses (a) and (b) it is necessary to bear in mind that a contract of insurance is practically a contract of indemnity. to effectuate the contract of indemnity, a decree has to be first obtained against the insured and thereupon the liability of the insurer to ..... court of law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this section.' (11) the learned counsel appearing for the company has cited number of cases to support the proposition that no ..... with the appellant. national insurance co. ltd. comprehensively and, as such, the amount is payable by the appellant who had undertaken to indemnity the insured, under the policy of the insurance. the appellant denied its liability, as referred to above, and contended that the insurance company ..... discharge the decree arises. a contract .of insurance is a contract by which the insurer promises to save. the insured ..... from the loss caused to him by the conduct of any other person. by virtue of section 125 of the indian contract .....

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Jul 04 2003 (TRI)

Aristo Pulps and Papers Ltd. and Vs. the Bank of Rajasthan Ltd. and an ...

Court : DRAT Delhi

Reported in : II(2004)BC183

..... of the principal debtor, and the liability of the surety will be co-extensive with that of the principal debtor, whereas, under a contract of indemnity, the indemnifier agrees to make good the loss suffered by another person in view of the conduct of the promisor himself or of a ..... the promisor himself, or by the conduct of any other person, is called a 'contract of indemnity'. "126. 'contract of guarantee', 'surety', 'principal debtor' and 'creditdr'.--a 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his default. ..... counsel for the appellants/ defendants refers to the provisions of sections 124 and 126 of the indian contract act. section 124 of the indian contract act reads as follows : "124. 'contract of indemnity' defined.--a contract by which one party promises to save the other from loss caused to him by the conduct of ..... the learned counsel for the respondent-bank, on the other hand, contends that though this document is titled as an indemnity bond, it is in reality a deed of contract of guarantee. he also contends that it is not necessary that a deed of guarantee should be a tripartite agreement. the ..... . the appellants/defendants have also urged that the various aspects of law raised by them including the plea regarding limitation, and the concept of indemnity and guarantee have not been discussed by the drt in the final order. the appellants/ defendants have also urged that their right to file .....

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Feb 26 2014 (HC)

Muzzafar Shah Vs. Mmtc

Court : Delhi

..... the creditor?. a guarantee may be either oral or written. 10. a promise to be primarily and independently liable for another person's conduct may amount to a contract of indemnity. a contract of guarantee requires concurrence of three persons the principal debtor, the surety and the creditor the surety undertaking an obligation at the request express or implied of the principal ..... national bank ltd. v. b.c. mills, air1970sc1973 and in particular paras 9 and 10 thereof, which reads as follows: 9. section 124 of the indian contract act defines a contract of indemnity . a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other ..... , uncertain or inchoate.20. lastly, shri chacko referred to the following observations of the hon?ble supreme court in punjab national bank vs. biram cotton mills [air1970sc1973: a contract of indemnity requires concurrence of three persons the principal debtor, the surety and the creditor - the surety undertaking an obligation at the request express or implied of the principal debtor and submitted ..... debtor. the obligation of the surety depends substantially on the principal debtor's default; under a contract of indemnity liability arises from loss caused to the promisee by the conduct of the promisor himself or by the conduct of another person .39. the next submission of learned counsel .....

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Jan 31 2012 (HC)

Krishan Kumar Karnani Vs. M/S Reliance Industries Ltd. and anr

Court : Delhi

..... at the request of the debtor, becomes entitled to recover from him whatever sums he has rightfully paid under the guarantee, as is provided in section 145, contract act; whereas in the contract of indemnity the indemnifier cannot on the performance of the obligations of the debtor, in the absence of an assignment from the creditor, sue in his own name the debtor ..... of your money. be assure, if there be any trouble, i hold myself responsible. the contentions raised was that on its true interpretation, it could be regarded only as a contract of indemnity and not a guarantee. noting what constituted a guarantee, in paras 4 and 5 of the decision it was held as under:- "4. the person who gives a guarantee ..... the transaction to be effected, apart from the fact that he had agreed to be liable, the contract is one of indemnity. there is nothing to show that sections 124 and 126 give a go- by to this distinction which has been so well recognized in england..3. periamanma marakkayar ..... . and montagu stanley and co. v. j. c. solomon, ltd. [1932] 1 k. b. 625, where the contracts between the broker and a person who stood in the position of a sub-broker were in almost similar terms, decided that the contract was one of indemnity and not of guarantee. the test there laid down is where the sub-broker is interested in .....

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Mar 04 2016 (HC)

Jalpac India Ltd. Vs. United India Insurance Company Ltd.

Court : Delhi

..... recover the balance from any one or more of the others. but in no event is he entitled to recover more than his loss because each contract is a contract of indemnity only, and, therefore, when he has recovered his total loss from some one or more of his insurers his claims against the others abate. the ..... any insurer in such order as he may think fit. the only limitation is that he is not entitled to receive any sum in excess of the indemnity allowed by the act. the insurance company has not based its defence on any clause in the insurance policy but sought to rely upon the provisions of ..... as against the full insurable value, for any sum received by him under any other policy; (d) where the assured receives any sum in excess of the indemnity allowed by this act, he is deemed to hold such sum in trust for the insurers, according to their right of contribution among themselves. 15. section 80 ..... may claim payment from the insurers in such order as he may think fit, provided that he is not entitled to receive any sum in excess of the indemnity allowed by this act; (b) where the policy under which the assured claims is a valued policy, the assured must give credit as against the valuation, ..... two or more policies are effected by or on behalf of the assured on the same adventure and interest or any part thereof, and the sums insured exceed the indemnity allowed by this act, the assured is said to be over-insured by double insurance. (2) where the assured is over-insured by double insurance (a) .....

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