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Judgment Search Results Home > Cases Phrase: contract of indemnity contract Court: drat delhi Page 1 of about 9 results (0.030 seconds)

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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Aug 02 2002 (TRI)

State Bank of Bikaner and Jaipur Vs. G.P. Goyal and anr.

Court : DRAT Delhi

Reported in : III(2003)BC125

..... satisfaction of its dues against the company. the directors also gave a letter to the bank that the guarantee shall be independent of any other indemnity guarantee or security which the bank may have. the hon'ble punjab and haryana high court held that on the execution of a fresh agreement ..... therefore, the finding of the learned presiding officer, drt, jaipur that the suit is not maintainable in view of section 133 of the indian contract act is also not sustainable.12. so far as the plea of limitation is concerned, the learned counsel for the appellant also contends that the ..... by referring to the above said provision the learned counsel for the appellant contends that if there was a variation in the terms of the contract between the principal debtor and the creditor without the surety's consent, then the surety is discharged only with reference to the transactions which took ..... by the 4th defendant that there has been a variation of the contract and, therefore, the 4th defendant stood discharged from his liability to pay the amount, and also held that the claim was barred by limitation. ..... cannot be filed thereafter. according to the 4th defendant, since a new agreement was executed on 20.1.1988 there occurred a variation of the contract and, therefore, also he (the 4th defendant) stood discharged from the liability. the learned presiding officer of the drt accepted the contention put forward .....

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Sep 21 2004 (TRI)

State Bank of Bikaner and Jaipur Vs. G.P. Goyal and anr.

Court : DRAT Delhi

Reported in : II(2005)BC49

..... simultaneously for the satisfaction of its dues against the company.the directors also gave a letter of guarantee to the bank that the guarantee shall be independent of any other indemnity, guarantee or security which the bank may have. in these circumstances the hon'ble punjab and haryana high court held that the directors do not stand released in view ..... repudiated his liability under the deed of guarantee dated march 3, 1987, or that the respondent-defendant stands discharged from the liability in view of the subsequent variation of the contract or that the claim against the respondent-defendant is barred by limitation, cannot be accepted.23. one other contention put forward by the respondent-defendant is that the statement of ..... surety with regard to the transactions which took place prior to the variance. learned counsel for the appellant-bank, therefore, contends that if there is any subsequent variation in the contract, it will not affect the liability of the respondent-defendant with regard to the transactions which took place prior to the variation, and, therefore, the respondent-defendant is liable to ..... transactions subsequent to the variance." 13. by referring to the above said provision learned counsel for the appellant contends that if there was a variation in the terms of the contract between the principal debtor and the creditor without the surety's consent, then the surety is discharged only with reference to the transactions which took place subsequent to the variance .....

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Aug 03 2001 (TRI)

Popular Packing Pvt. Ltd. and ors. Vs. Bank of Punjab Ltd.

Court : DRAT Delhi

..... would not have been asked to be a guarantor for the bill discounting facility granted to the aforesaid three companies. the principal borrower can execute a bond of indemnity as has been executed by the aforesaid three companies but the principal borrower cannot be a gurantor as well. the guarantor has to be a third person. in ..... rest of the claim applications of the respondent bank.11. on perusal of the copies of the aforesaid pleadings and documents, it is to be found that the contract amongst the parties consisted of the offer, the counter offer and the acceptance of the counter offer by taking action as per the counter offer: from the ..... surety. "the maker of a promissory note or cheque, the drawer of a bill of exchange until acceptance, and the accepter are, in the absence of a contract to the contrary, respectively liable thereon as principal debtors, and the other parties thereto are liable thereon as sureties for the maker, drawer or accepter as the case ..... yet there is a rider in that very section which says that the above proposition of law would be three 'in the absence of a contract to the contrary'.9. therefore, in the present cases in hand, it has to be examined whether amongst [he parties there did exist a ..... contract to the contrary to the general law enacted in the said section 37.10. in order to examine the aforesaid i had to revert to .....

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Dec 23 2004 (TRI)

indusind Bank Ltd. Vs. Deva Tools and Forgings

Court : DRAT Delhi

Reported in : I(2005)BC97

..... act and the appeal would be entertainable only on deposit of 75% of the claim raised in the notice of demand? (iv) whether the terms or existing rights under the contract entered into by two private parties could be amended by the provisions of law providing certain powers in one sided manner in favour of one of the parties to the ..... barred-the provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of, the companies act, 1956 (1 of 1956), the securities contracts (regulation) act, 1956 (42 of 1956), the securities and exchange board of india act, 1992 (15 of 1992), the recovery of debts due to banks and financial institutions act, 1993 ..... of 1993, when the o.a. between the same parties has been filed before the drt under the act of 1993. it is contended that once the lis commences, the contract between the parties comes to an end and the jurisdiction of the tribunal constituted under the act of 1993 commences and, therefore, the power granted to the tribunal constituted under ..... contract? (v) whether the provision for sale of the properties without intervention of the court under section 13 of the act is akin to the english mortgage and its effect on .....

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Aug 25 2003 (TRI)

Col. K.S. Malik and anr. Vs. Oriental Bank of Commerce and ors.

Court : DRAT Delhi

Reported in : III(2004)BC233

..... guarantee enable the creditor to act negligently and yet be not in any manner accountable? was the guarantee a guarantee against proper performance of the contract evidencing advance of loan and methods of its repayment, or a guarantee covering bank's utter disregard of is responsibility or to use the words ..... of the surety against the principal debtor is impaired by any action or inaction, which implies negligence appearing from lack of supervision undertaken in the contract, the surety would be discharged under the combined operation of sections 139 and 141 of the act. it has also been held that if the ..... not registering the charge is also an act which is inconsistent with the rights of the surety within the meaning of section 139 of the contract act and the eventual remedy which the surety may have against the borrower or the purchaser of the vehicles from the borrower is impaired resulting ..... creditor's securities.--a surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship is entered into, whether the surety knows of the existence of such security or not, if the creditor loses, or, without the ..... 6 cannot be absolved from their liability to pay the amount as guarantors to the respondent-bank. but, he found that there was no privity of contract between the respondent-bank and the 7th defendant to pay the debts due and payable by the principal borrower, namely, the 1st defendant and, therefore .....

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Jun 01 2004 (TRI)

Rajiv Aggarwal and ors. Vs. Canara Bank and ors.

Court : DRAT Delhi

Reported in : IV(2004)BC63

..... the bank or not. 'debt' has been defined as a liability claimed as due by the bank, which is subsisting and legally recoverable. therefore, when there is no privity of contract between respondent-bank and the appellants, the respondent-bank cannot seek to recover any amount from the appellants as per the alleged oral agreement between the defendants 2 and 3 ..... also the appellants have to be impleaded as parties.9. but, in my view, the appellants herein are not necessary parties to the o.a. there is no privity of contract between the appellants and the respondent-bank has admitted in its reply to the application filed before the drt that the appellants have not executed any personal guarantee for the ..... bank or agreed for the transfer of the liability of the defendants 2 and 3 under the deed of guarantee. they, therefore, contend that when there is no privity of contract between them and the respondent-bank, they are neither necessary nor proper parties to the o.a. they also contend that they (appellants) have not agreed that the defendants 2 ..... suitable reply opposing this appeal.7. the learned counsel for the appellants contends that the appellants are neither the borrowers nor the guarantors, and that there is no privity of contract between them and the respondent-bank. he contends that the respondent-bank would be entitled to file the o.a. under section 19 of the recovery of debts due to .....

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Sep 18 2001 (TRI)

Pradeep Prasad Vs. Canara Bank and ors.

Court : DRAT Delhi

..... the applicant's retirement he neither represented m/s. ventura nor had signed any paper or document of any type regarding the loan, that the applicant had no privity of contract with the respondent bank; that the claim of the respondent bank is time-barred as the applicant signed neither any acknowledgement nor documents whatsoever after his retirement from the borrowing .....

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Oct 04 2007 (TRI)

Oriental Bank of Commerce Vs. Rajni Malik and ors.

Court : DRAT Delhi

Reported in : I(2008)BC60

..... ltd. owing to the alleged dispute between the borrowers and m/s. spices trading corporation ltd. the learned counsel pointed out that the issue of bank guarantee was a separate contract between the bank and the beneficiary and the bank having issued the bank guarantee was under legal obligation to honour the same. on account of the alleged supply of damaged .....

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